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Rosetta Resources Inc. Updates 2013 Guidance, Expands And Extends Credit Agreement And Announces Borrowing Base Increase

HOUSTON, April 15, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today announced 2013 guidance updates for capital, production, and expenses. The changes reflect the proposed May 2013 acquisition of Permian Basin assets previously announced on March 15. The Company also announced the amendment of its Senior Revolving Credit Facility ("Credit Facility") which increases the borrowing base and extends the maturity date.

First Quarter 2013 Operational Preview

Rosetta's total production for the quarter is expected to average an all-time record of 47.0 thousand barrels of oil equivalent per day ("MBoe/d"), up 39 percent from the same period in 2012 and 6 percent from the prior quarter. Oil production will be 12.4 thousand barrels ("MBbls") per day, an increase of 67 percent from the prior year and 6.4 percent over the fourth quarter daily production rate. The Company expects total production for the quarter to be 62 percent liquids. In the first quarter of 2013, Rosetta made capital investments of approximately $161 million, drilling 24 gross wells with a 100 percent success rate and completing 17 wells. At the end of the quarter, 38 drilled wells were awaiting completion.

The following table details Rosetta's Eagle Ford gross well completion activity by area:

As of 1Q 2013 Completed Drilled Awaiting
March 31, 2013 Completed To Date Completion
Gates Ranch 12 108 21
Briscoe Ranch 0 4 7
Karnes Trough 0 17 7
Central Dimmit 4 9 2
Lopez 0 0 1
Encinal 0 4 0
Eagle Ford 16 142 38

After giving effect to the pending acquisition, Rosetta's first quarter total production would have been 49.5 MBoe/d, including oil production of 14.4 MBbls per day. Capital investments for the quarter would have totaled approximately $206 million. March production would have been approximately 50 MBoe/d, including 2.9 MBoe/d from the Permian assets.

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