Eclipse Resources Ramps Up Drilling; Floats More Stock to Raise $

Eclipse_logo_hiresYesterday Eclipse Resources, a Marcellus/Utica pure play driller headquartered in State College, PA (but drilling mostly in Ohio) released a mid-year update on its drilling program. It’s good news, for a change! Earlier this year Eclipse said they would drill only one new well and that they were curtailing, or shutting in, production from some of their wells (see Eclipse Resources Drilling 1 Well in 2016, Restricting Production). This latest update changes that. Eclipse says given the expected higher price for natural gas as reflected by the forward market, they now intend to drill 10-12 new wells this year, and they’re turning the spigots back on for the curtailed wells. The Eclipse board has also voted to increase the capital expenditures budget by $28 million. No doubt that money will come from a new stock offering the company also announced yesterday–floating 37.5 million shares of stock, looking to raise $131 million…

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