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Rosetta Resources Inc. Announces Record Production And Proved Reserves For 2013 And Delaware Basin Update

Stocks in this article: ROSE

  • Increased total annual daily production to 50 MBoe/d or 34 percent growth over 2012
  • Achieved 39 percent growth in proved reserves to 279 MMBoe, or 528 percent production replacement
  • Established preliminary ultimate recovery estimate for Delaware Basin horizontal upper Wolfcamp wells
  • Executed definitive agreement to acquire 5,000-acre bolt-on acquisition in the Delaware Basin

HOUSTON, Jan. 30, 2014 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported preliminary operational results for 2013 that includes growth in excess of 30 percent for both production and proved reserves. The Company also announced plans to acquire additional Delaware Basin acreage to expand its core Reeves County position. Rosetta plans to report final 2013 financial and operational results on Monday, February 24, 2014.

"In 2013, we continued to deliver competitive growth in production and reserves while expanding our operations into a new basin," said Jim Craddock, Rosetta's Chairman, CEO and President. "We remain focused on developing our Eagle Ford assets and committed to fully advancing our Permian Basin operations."

2013 Production and Capital Program Results

Fourth quarter production averaged a record 52 thousand barrels of oil equivalent per day ("MBoe/d"), up 17 percent from the same period in 2012 and 2 percent from the prior quarter. Total liquids production for the fourth quarter averaged 32 thousand barrels per day ("MBbls/d").

For the full-year, production averaged 50 MBoe/d. Total daily production increased by 34 percent versus the prior year while total liquids production increased by 43 percent over the same period. Production growth reflects continued progress in the development of the Company's Eagle Ford assets.

In 2013, Rosetta's capital expenditures, excluding proved acquisitions, totaled $899 million. The Company drilled a total of 150 gross operated wells and completed 113 gross wells. Capital spending included $600 million for drilling and completion activity in the Eagle Ford shale where 111 wells were drilled and 79 completed.

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