SilverBow Resources sees 2018 capital program of $245M-$265M
SilverBow Resources provided its 2018 capital program of $245M-$265M. For 2018, total company production is projected to average 175M-195M cubic feet of natural gas equivalent per day, an increase of approximately 25%-40% from 2017 levels, adjusted for small noncore divestitures in 2017 and the Olmos divestiture planned for the first quarter 2018. The company said that 70% of capital expenditures will be allocated towards drilling and completions and expects to drill 30-32 net wells in 2018, compared to approximately 18 net wells in 2017. Sean Woolverton, SilverBow's Chief Executive Officer, commented, "Our team did a tremendous job executing on multiple fronts in 2017, including prosecuting a successful delineation drilling campaign, adding over 35,000 high-graded acres to our leasehold position at an attractive cost, and increasing our liquidity to approximately $250M. On the success of our 2017 activities, we have elected to add a second rig to our drilling program early in the second quarter."