2014 Second Quarter Highlights:
- Successful frack trial outcome in the Cleveland with average oil uplift of more than 30%; increased 2014 capital expenditure budget to incorporate new Cleveland frack design for all remaining 2014 wells
- Increased average net production to a record 23.6 MBoe/d, up 41% compared to the same period in 2013
- Increased average net oil production to 7.2 MBbl/d, up 59% compared to the same period in 2013
- Increased Cleveland average net production to 16.8 MBoe/d, up 74% compared to the same period in 2013
- Raised full-year production guidance to 23.0 to 24.0 MBoe/d
- Increased EBITDAX to $77.1 million, up 45% compared to the same period in 2013
- Acquired more than 10,000 net acres of leasehold primarily in the Texas Panhandle, effectively replacing all 2014 Cleveland drilling locations
- Initiated the Tonkawa drilling program with the first two wells in-line with budget and will allocate additional capital to maintain a full-time rig line during the second half of 2014