STATE COLLEGE, Pa.--(BUSINESS WIRE)--Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) today provided an operational update for the second quarter June 30, 2016 and announced its second quarter financial and operational results conference call information.

Highlights from the second quarter include:

• Net production averaged 236.1 MMcfe per day, which was 18% above our previously issued guidance, a 19% increase over the second quarter of 2015 and a 17% increase versus the first quarter of 2016
• For the full year 2016, the Company is raising its production guidance by approximately 7% to 220 to 225 MMcfe per day
• Realized natural gas price, before the impact of derivatives and excluding transportation costs, averaged $1.56 per Mcf, a $0.60 per Mcf differential to the average NYMEX settled price
• Realized oil price, before the impact of derivatives averaged $36.74 per barrel, a $9.47 per barrel differential to the average WTI oil price
• Realized natural gas liquids price, before the impact of derivatives and including transportation costs, averaged $13.60 per barrel, or 29% to the average WTI oil price
• On July 5, 2016, the Company completed an underwritten public offering of 37,500,000 shares of its common stock at a price to the public of $3.50 per share.
• The Company received approximately $123 million of net proceeds from the offering that will be used to fund the Company’s capital expenditure plan through 2017 and for general corporate purposes
• The Company’s Pro Forma liquidity with affect for the offering as of June 30, 2016 was approximately $334 million with a cash balance of $237 million
• The Company currently has approximately 85% of its expected 2017 natural gas production hedged at average floor price $2.84/MMbtu
• The Company currently has approximately 75% of its expected 2017 oil production hedged at average floor price $46.00/MMbtu

Second Quarter Production and Realized Prices

Eclipse Resources’ net daily production for the second quarter of 2016 averaged approximately 236.1 MMcfe per day. For the second quarter of 2016, Eclipse Resources’ net daily production mix was comprised of approximately 71% natural gas, 19% natural gas liquids, and 10% oil.

Operational Update

Since resuming operations in the 2nd quarter, the Company has drilled 2 gross (2.0 net) operated Utica Shale wells and is currently drilling its third well in the dry gas portion of its Utica Shale acreage. In addition, the Company has completed 4 gross (3.9 net) wells averaging 10 stages per day in the liquids rich portion of its Utica Shale Acreage utilizing all slick water, 150’ stages and higher sand concentrations of 1,800 to 2,000 pounds/foot. The Company expects to put the pad into sales in the next 30 days. Further, the Company is approximately 50% done fracking its five well Wheeler pad and have been completing 8-11 stages a day while using higher sand concentrations of 2,000 pounds/foot.

Commenting on the second quarter, Benjamin W. Hulburt, Eclipses Resources’ Chairman, President and CEO said, “I continue to be impressed with our team’s strong execution, especially as we continue to extend the lateral length on our wells in the higher pressure, deeper and more technically challenging portion of our acreage position in the Utica dry gas area. Additionally, The Purple Hayes well continues to produce at its managed choke target rates with flat production, shallower pressure declines, and no change in the condensate yield to date. The Company believes this to be indicative of better than anticipated performance and remains optimistic with the results to date, although no assurances can be given as to the long-term performance of the well at this juncture.”

About Eclipse Resources

Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, including the Utica and Marcellus Shales. For more information, please visit the Company’s website at www.eclipseresources.com.