HOUSTON--(BUSINESS WIRE)--WildHorse Resource Development Corporation (NYSE: WRD) announced today that it has recently executed and closed two separate definitive purchase and sale agreements to acquire a combined 20,305 net acres in the Eagle Ford, Austin Chalk, and other intervals with approximately 39 Boe/d of net production across Burleson, Brazos, Lee, and Washington Counties, TX.
In addition, WRD has also leased 10,700 net acres in the Eagle Ford and Austin Chalk year to date, net of lease expirations. After giving effect to the leasing activities and the two acquisitions discussed above, WRD has acquired approximately 31,005 net acres in 2018 for approximately $43.0 million and currently owns over 418,000 net acres in the Eagle Ford. Of the total consideration, approximately $7.6 million has been recognized on WRD’s first and second quarter 2018 financial statements.
“The announced acquisitions are an excellent fit with our existing position. With the bolt-on of another 31,005 net acres, we continue to fill in our acreage position and increase our working interest and operational control across the field,” said Jay Graham, Chairman and Chief Executive Officer of WRD. “Our status as the largest player in the region allows us to acquire acreage at extremely attractive valuations. We are committed to solely consolidating the Northeast Eagle Ford and will continue to prudently add similar acreage where it makes economic sense and adds value to our shareholders.”
WRD also announced today that members of WRD’s management team intend to participate in the following upcoming investment conferences:
- Johnson Rice 2018 Energy Conference on September 24 – 26, 2018 (New Orleans, LA)
- Bank of Montreal Energy Conference on October 2 - 3, 2018 (Pinehurst, NC)
- Raymond James Austin Energy Conference on October 12, 2018 (Austin, TX)
About WildHorse Resource Development Corporation
WildHorse Resource Development Corporation is an independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and NGL properties primarily in the Eagle Ford Shale and Austin Chalk in East Texas. For more information, please visit our website at www.wildhorserd.com.
Cautionary Statements and Additional Disclosures
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “will,” “plans,” “seeks,” “believes,” “estimates,” “could,” “expects” and similar references to future periods. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond WRD’s control. All statements, other than historical facts included in this press release, that address activities, events or developments that WRD expects or anticipates will or may occur in the future, including such things as WRD’s future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, future drilling locations and inventory, competitive strengths, goals, expansion and growth of WRD’s business and operations, plans, successful consummation and integration of acquisitions and other transactions, market conditions, references to future success, references to intentions as to future matters and other such matters are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Although WRD believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.
WRD cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond WRD’s control, incident to the exploration for and development, production, gathering and sale of natural gas and oil. These risks include, but are not limited to: commodity price volatility; inflation; lack of availability of drilling and production equipment and services; environmental risks; drilling and other operating risks; regulatory changes; the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital; and the timing of development expenditures. Information concerning these and other factors can be found in WRD’s filings with the SEC, including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by WRD will be realized, or even if realized, that they will have the expected consequences to or effects on WRD, its business or operations. WRD has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Some of the above results are preliminary. Such preliminary results are based on the most current information available to management. As a result, WRD’s final results may vary from these preliminary estimates. Such variances may be material; accordingly, you should not place undue reliance on these preliminary estimates.