Lonestar announces positive production results at Horned Frog

6/24/2019

FORT WORTH -- Lonestar Resources US Inc. announced additional well results in its Horned Frog area located in La Salle County, Texas.

Lonestar previously announced initial test results for its Horned Frog #4H and #5H wells which were placed onstream in April 2019. In Lonestar's first quarter report, we disclosed that the #4H well tested at initial rates of 1,489 BOE/d while the #5H well tested at initial rates of 1,475 BOE/d. These new wells have since cleaned up after flowback and registered the following maximum rates over a 30-day period ("Max-30" rates):

  • Horned Frog NW #4H - With a 9,771-ft perforated interval, the #4H well produced a Max-30 rate of 764 bpd of oil, 335 bpd of GLs & 1,962 Mcfd of natural gas, or 1,426 boed on a three-stream basis. Lonestar owns a 100% working interest in the well.
  • Horned Frog NW #5H -  With a 9,645-ft perforated interval, the #5H well produced a Max-30 rate of 770 bpd of oil, 360 bpd of NGL's & 2,108 Mcfd of natural gas, or 1,481 boed on a three-stream basis. Lonestar owns a 100% working interest in the well.

Notably, our new 2019 wells have recorded 3-Stream Max-30 rates that are 3% higher on a per-foot basis than our Horned Frog #2H and #3H wells, which were placed onstream in 2018. Moreover, our 2019 wells have produced more oil and NGL's per foot than our 2018 completions, which are immediate offsets.

Lonestar also announced initial test results for its Horned Frog F #A1H and F #B1H today. Their average test rates of approximately 2,500 boed are records for the Company and highly encouraging in many respects:

  • Horned Frog F #A1H - was drilled to a TD of 22,534 ft and completed in a 12,461-ft interval over 42 stages at a proppant concentration of 2,312 lb/ft. The F #A1H recorded a test rate of 555 bpd of oil, 654 bpd of NGL's & 7,066 Mcfd of natural gas, or 2,387 boed on a three-stream basis. Lonestar owns a 100% working interest in the well.
  • Horned Frog F #B1H - was drilled to a TD of 22,391 ft and completed in a 12,170-ft interval over 41 stages at a proppant concentration of 2,338 lb/ft. The F #B1H recorded a test rate of 629 bpd oil, 706 bpd of NGL's & 7,629 Mcfd of natural gas, or 2,607 boed on a three-stream basis. Lonestar owns a 100% working interest in the well.

Notably, the new 2019 Horned Frog wells have recorded oil production rates that are 26% higher on a per-ft basis than the two wells we brought onstream in 2018, the Horned Frog #G1H and #H1H. Additionally, the test rates on our 2019 wells have exceeded the outstanding production-per-foot results generated by our 2018 completions by 7%, logging rates of 203 boed per 1,000 ft. Lastly, our new wells were not booked as Proved reserves in our reserve report for the year ended Dec. 31, 2018.

Lonestar's CEO, Frank D. Bracken, III, commented, "Our four new 2019 Horned Frog wells have been outstanding performers thus far, and continue a streak of highly productive Eagle Ford Shale wells in our 2019 capital program, which is currently generating a new production record for the Company each month. Our 2019 program is expected to generate outstanding returns for our shareholders and yield significant increases in production and EBITDAX while establishing cash flow self-sufficiency."

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