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Rosetta Resources Inc. Announces 2014 Capital Budget And Guidance And Provides Operations Update

Stock quotes in this article: ROSE

HOUSTON, Dec. 18, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today announced its Board of Directors has approved a 2014 capital budget of $1.1 billion. Approximately $735 million, or approximately 67 percent, will be spent on development activities in the liquids-rich window of the Eagle Ford shale in South Texas. Approximately $265 million, or 24 percent, will be spent on activities in the Delaware Basin in West Texas. In addition, the 2014 budget allocates approximately $100 million for other capital items, including evaluation of new venture opportunities, capitalized interest and other corporate capital. The 2014 capital expenditure program will be funded from a combination of internally generated cash flow, cash on hand, and borrowings under our credit facility.

"The 2014 capital plan is structured to deliver between 20 and 30 percent combined production growth from our Eagle Ford and Delaware Basin assets. The program reflects increasing activity as we initiate broader scale horizontal development in Reeves County and further expand development in new areas of our current Eagle Ford position," said Jim Craddock, Chairman, Chief Executive Officer and President. "We will continue to focus our efforts on integrating our West Texas assets while continuing to efficiently execute the development of our Eagle Ford leases."

Rosetta's 2014 capital program is based on a four to five-rig Eagle Ford program and plans to drill and complete roughly 90 – 95 gross wells. Approximately half of the completions will be located in the Gates Ranch area with the remainder in other areas in the liquids-rich window of the play, including Briscoe Ranch, Tom Hanks, and Central Dimmit County. The budget also includes a six-rig Permian program, including four rigs dedicated to horizontal drilling and two rigs allocated to vertical wells. Plans are to drill and complete approximately 50 – 55 gross operated wells in the oil-rich Delaware Basin, about half of which are horizontal wells.

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