Rosehill Resources Provides Operational Update

9/19/19

HOUSTON, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Rosehill Resources Inc. (NASDAQ: ROSE, ROSEW, ROSEU) today provided an operational update for recent activity as well as expected production for the quarter ending September 30, 2019.

Highlights

  • Placed onto production nine wells in the Northern Delaware area and four wells in the Southern Delaware area to date in the quarter
  • Average net production for September to date of over 22,000 barrels of oil equivalent per day (“BOEPD”)
  • Currently expect average net production for third quarter 2019 to be between 20,000 and 21,000 BOEPD, an increase of approximately 8% over the second quarter of 2019 based on the midpoint of the range
  • Resumed drilling operations in September on a two-well pad in the Northern Delaware area targeting the Wolfcamp B formation and expect to drill two wells in the Southern Delaware in early October


Management Comments

David French, Rosehill’s President and Chief Executive Officer, commented, “We are very pleased to provide an update on our expected third quarter activity and the resulting estimated growth over second quarter. As we previously indicated, the third quarter is a meaningful inflection point for our production trajectory given the number of wells completed in our Northern Delaware area as well as contribution from completion work in the Southern Delaware area that carried into the quarter. Most of the Northern Delaware wells were placed online in late August and early September, providing momentum into the remainder of 2019 and supplemented by our planned fourth quarter drilling and completion activity. Our fall borrowing base redetermination is currently underway, and we expect the contribution from this along with our drilling activities to meaningfully improve our liquidity over the remainder of the year. We look forward to providing additional results with our third quarter earnings announcement.”

About Rosehill Resources Inc.

Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin. The Company’s strategy includes the focused development of its multi-bench assets in the Northern Delaware Basin and the Southern Delaware Basin, as well as adding economic drilling inventory to support future growth.