Lonestar Resources: Estimated 2Q19 average daily production 13,500 Boe
Lonestar Resources announced estimated production rates for the three months ended June 30. Lonestar previously issued production guidance for the three months ended June 30 in a range of 12,400 to 12,800 Boe/d, which represents a 12% increase over first quarter 2019 levels at its midpoint. At its midpoint, this guidance consisted of 7,355 Bbl/d of crude oil, 2,530 Bbl/d of NGL's and 16,290 Mcf/d of natural gas. With the second quarter complete, Lonestar is issuing estimated 2Q19 average daily production rates of 13,500 Boe/d, which consists of 7,700 Bbl/d or crude oil, 2,850 Bbl/d of NGL's and 17,700 Mcf/d of natural gas. Importantly, Lonestar registered results which were higher than guidance for each commodity, and this result represents a 19% sequential increase in crude oil production and a 20% sequential increase in total equivalent production. The outperformance to the company's guidance is principally a function of the fact that the wells it has placed onstream in Karnes County, Horned Frog, and Horned Frog NW are outperforming their third-party type curves, which are the basis for Lonestar's guidance. Further, Lonestar has consistently finished drilling, completion and flowback operations ahead of schedule, which also contributes to the company's ability to exceed the high end of guidance.