Endeavor Reports Strong Third-Quarter 2018 Operating Results
MIDLAND, Texas, November 7, 2018
Endeavor Energy Resources, LP (“Endeavor”, or the “Company”) announces the financial and operating
results for the quarter ended September 30, 2018.
- Net production averaged a record 65.8 MBoe per day (76% oil) in 3Q 2018, a 49% increase year-overyear and a 2% increase over 2Q 2018.
- Lease operating expense (“LOE”) per Boe in the first nine months decreased to $11.57, a 11% yearover-year decrease.
- Placed 42 gross operated horizontal wells on production in 3Q 2018.
For the first nine months of 2018, The Company placed 97 gross operated horizontal wells on production in the Midland Basin, demonstrating solid execution at a high operational level of both drilling and completions. Included in this total are 42 horizontal wells that were placed on production in 3Q 2018, 22 of which were drill fund wells. Wells placed on production in 3Q 2018 achieved average 30-day IP rates of over 840 Boepd (85% oil).
Net production for 3Q 2018 was 6.1 million Boe or an average of 65.8 thousand Boepd, an increase of approximately 49% from 3Q 2017 and 2% increase from 2Q 2018. Production in 3Q 2018 was affected by gathering infrastructure curtailments and back-end weighted completions as a large proportion of completed wells in were placed on production in September. Endeavor has continued to accelerate development of extensive leasehold as it spudded 47 gross horizontal wells across its Midland Basin portfolio. The Company is currently operating 9 horizontal rigs and three dedicated frac crews.
Forward Looking Statements
Certain statements contained in this document constitute “forward-looking statements“ within the meaning of the federal securities law. These forward-looking statements represent Endeavor’s expectations or beliefs concerning future events, and it is possible that the results described will not be achieved and Endeavor can give no assurance that such expectations will prove to have been correct. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Endeavor’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Endeavor does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Endeavor to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in our offering memoranda, annual report and MD&A. The risk factors and other factors noted could cause our actual results and outcomes to differ materially from those contained in any forward-looking statement.