Montage Resources Corporation Announces Initial 2019 Financial and Operating Guidance, Schedules Fourth Quarter and Full Year 2018 Earnings Release and Conference Call Date, and Provides Information on 2019 Analyst Day

Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage”)
(formerly known as Eclipse Resources Corporation, “Eclipse Resources”)
is pleased to announce its initial 2019 financial and operating
guidance, schedule its fourth quarter and full year 2018 earnings
release and conference call, and provide information regarding its
upcoming 2019 Analyst Day.

The 2019 financial and operating guidance highlights include:

• 2019 estimated net capital expenditures of between $375 million to
  $400 million allocated almost entirely to revenue-generating drilling
  and completions activity and focused on low risk, highly deliverable
  locations that the Company believes maximize return on invested capital
• 2019 estimated net daily production sales volumes of between 500 to
  525 million cubic feet equivalent per day ("MMcfe"); when adjusting
  the 2019 daily production sales volumes guidance to a full 12 month
  pro forma basis, this equates to approximately 16% production growth
  over 2018 results¹
• Expected achievement of cash flow neutrality by the end of 2019 with a
  year-end 2019 leverage ratio of approximately 2.0 times

¹ Based upon 2018 production from Eclipse Resources
Corporation and Blue Ridge Mountain Resources, Inc.

President and Chief Executive Officer, John Reinhart commented, "Our
2019 guidance demonstrates the strategic shift underway at Montage as we
focus on financial, operational and organizational efficiencies in order
to deliver value to our stakeholders. We believe the quality and depth
of the Company’s inventory of locations will allow us to achieve
double-digit production growth while focusing on cash flow generation in
our highly economic core areas. We are excited to announce a capital
program in 2019 that we expect to be predominantly funded from operating
cash flow and augmented by existing liquidity while providing cash flow
neutrality by the end of 2019.”

2019 Production and Capital Budget Guidance

The Company possesses a deep inventory of both liquids-rich and dry
locations in the Utica Shale and Marcellus Shale that the Company
believes will deliver impressive production growth and strong cash
margins. First quarter and full year 2019 guidance are set forth in the
table below:

The 2019 estimated capital budget range of $375 million to $400
million is based upon a two rig drilling program allocated approximately
55% to liquids-rich locations and approximately 45% to dry gas
locations. Just over 90% of the capital expenditure program in 2019 has
been designated to drilling and completion activity in order to maximize
the return on invested capital. The Company’s 2019 development plan
implements a shift in focus to reducing cycle times and improving
capital efficiency in order to accelerate cash flow and achieve the
highest possible returns. In order to realize these improved cash flows
as well as de-risk the operational execution of its development program,
the Company plans to optimize many operational parameters, including
reducing its planned lateral length spuds to an average of approximately
11,700 feet and lowering its initial development pad size to
approximately four initial wells per pad. In addition, the Company has
seen strong production results from its first operated well in its Flat
Castle area located in North Central Pennsylvania and will be assessing
multiple options with respect to achieving enhanced value for that asset
within the Company’s portfolio.

Net production sales volumes for 2019 are expected to be between 500 to
525 MMcfe per day with approximately 76% of 2019 production from natural
gas and approximately 24% from oil and natural gas liquids. The net
production profile for 2019 will be weighted toward the second half of
the year due to limited completion activity during the fourth quarter of
2018 and the first quarter of 2019. In addition, a number of the wells
turned to sales over the past six months were wells associated with the
joint venture agreement with Sequel Energy, which is expected to be
completed during the first half of 2019, therefore net production sales
volumes are anticipated to accelerate during the second half of 2019 as
the Company moves toward development of its higher working interest
locations. The projected production profile for 2019 is significantly
above the Company’s firm transportation commitments and provides
multiple options regarding the Company’s allocation of development
activity between liquids-rich and dry gas locations during the second
half of 2019, while also allowing the Company the potential to maximize
its realized natural gas price from a balanced portfolio of sales points
both in-basin and out-of-basin.

With respect to cash production costs, Montage will begin delivering a
portion of its NGL sales volumes to the Mariner East 2 pipeline project
during the first quarter of 2019 and expects to realize an increase in
its transportation costs of approximately $0.08 to $0.10 per Mcfe over
historical cash production costs while also seeing an incremental
increase on a per unit basis from a full year of Rover capacity
utilization. The Mariner East 2 project, coupled with the higher NGL
contractual price realizations related to the production sales volumes
from Blue Ridge Mountain Resources, Inc., are expected to allow Montage
to realize an improvement to historic NGL pricing that is incrementally
positive to the Company’s NGL cash margins.

Financial Update

As previously announced, the Company amended and restated its revolving
credit facility, increasing the borrowing base from $225 million to $375
million and extending the maturity date to 2024. In addition, the
Company has reduced the letters of credit outstanding under its
revolving credit facility by approximately 50% to approximately $13.5
million due to the improved credit profile of the Company. The Company
believes that this increase in liquidity, combined with the anticipated
significant incremental cash flow from the merger with Blue Ridge
Mountain Resources, Inc., is expected to position Montage with
peer-leading leverage metrics and significant financial flexibility to
develop its inventory of high quality assets and position itself for
future accretive strategic opportunities.

The Company has a strong hedging portfolio in place and actively manages
its exposure to commodity prices through a number of commodity trading
program strategies as a risk management tool to mitigate the potential
negative impact on cash flows caused by price fluctuations in natural
gas, NGL and oil prices. As of February 28, 2019, the Company has
approximately 69% of its projected 2019 natural gas production hedged at
an average floor price¹ of $2.78 per MMBtu and an average
ceiling price of approximately $2.99 per MMBtu. The Company has
approximately 38% of its projected 2019 crude oil production hedged at
an average floor price price¹ of $52.20 per Bbl and an
average ceiling price of $61.28 per Bbl.

¹ For the purposes of calculating three-way floor
price, the higher put value was used

Earnings Release and Conference Call

The Company will release fourth quarter and full year 2018 financial and
operational results for the former Eclipse Resources on Tuesday, March
12, 2019 after the market close. A conference call to review the
Company’s fourth quarter and full year financial and operational results
is scheduled for Wednesday, March 13, 2019 at 10:00 a.m. Eastern Time.
To participate in the call, please dial 877-709-8150 or 201-689-8354 for
international callers and reference Montage Resources Fourth Quarter and
Full Year 2018 Earnings Call. A replay of the call will be available
through May 12, 2019. To access the phone replay dial 877-660-6853 or
201-612-7415 for international callers. The conference ID is 13687946.
The webcast will be archived for replay on the Company’s website for six
months.

Analyst Day

The Company is pleased to announce that it will host an Analyst Day on
Wednesday, March 20, 2019 at the JW Marriot Hotel in Houston, Texas. A
live audio webcast of the event will begin at 9:00 am (Central) and can
be accessed on the “Investors” section of the Montage Resources website
at www.montageresources.com
which will be launched shortly. The Company plans to post the
Analyst Day Presentation to the “Investors” section of the Company’s
website just prior to the event.

About Montage Resources

Montage Resources is an exploration and production company with
approximately 227,000 net effective undeveloped acres currently focused
on the Utica and Marcellus Shales of southeast Ohio, West Virginia and
North Central Pennsylvania.

Cash General and Administrative Expenses

Cash General and Administrative Expenses is a non-GAAP financial measure
used by the Company in the Guidance Table to provide a measure of
administrative expenses used by many investors and published research in
making investment decisions and evaluating operational trends of the
Company. See the table below for a reconciliation of Cash General and
Administrative Expenses and General and Administrative Expenses.

Forward-Looking Statements

This press release contains “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. All
statements, other than statements of historical fact included in this
press release, regarding Montage Resources’ strategy, future operations,
financial position, estimated revenues and income/losses, projected
costs and capital expenditures, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words “plan,” “endeavor,” “will,” “would,” “could,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,”
“delivering,” position,” and similar expressions are intended to
identify forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on Montage Resources’ current expectations and
assumptions about future events and are based on currently available
information as to the outcome and timing of future events. When
considering forward-looking statements, you should keep in mind the risk
factors and other cautionary statements described in “Item 1.A. Risk
Factors” in the Company’s’ Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 2, 2018, as amended (the
“2017 Annual Report”), and the Company’s Quarterly Reports on Form 10-Q,
as well as under the heading “Risk Factors” in the definitive consent
solicitation statement/information statement/prospectus related to the
combination with Blue Ridge filed by the Company with the Securities and
Exchange Commission on January 28, 2019.

Forward-looking statements may include, but are not limited to,
statements about Montage Resources’ business strategy; reserves; general
economic conditions; financial strategy, liquidity and capital required
for developing its properties and timing related thereto; realized
natural gas, NGLs and oil prices; timing and amount of future production
of natural gas, NGLs and oil; its hedging strategy and results; future
drilling plans; competition and government regulations, including those
related to hydraulic fracturing; the anticipated benefits under
commercial agreements; marketing of natural gas, NGLs and oil; leasehold
and business acquisitions; the costs, terms and availability of
gathering, processing, fractionation and other midstream services; the
costs, terms and availability of downstream transportation services;
general economic conditions; credit markets; uncertainty regarding
future operating results, including initial production rates and liquid
yields in type curve areas; and plans, objectives, expectations and
intentions contained in this press release that are not historical,
including, without limitation, the guidance set forth herein.
Forward-looking statements also may include statements relating to the
combination with Blue Ridge, including statements regarding the combined
company and its operations, integration and transition plans, synergies,
cost savings, opportunities, anticipated future performance, benefits of
the transaction and its impact on the combined company’s business,
operations, assets, results of operations, liquidity, and financial
position, and any statements of assumptions underlying any of the
foregoing.

Montage Resources cautions you that all these forward-looking
statements are subject to risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s control,
incident to the exploration for and development, production, gathering
and sale of natural gas, NGLs and oil. These risks include, but are not
limited to, legal and environmental risks, drilling and other operating
risks, regulatory changes, commodity price volatility and declines in
the price of natural gas, NGLs, and oil, inflation, lack of availability
of drilling, production and processing equipment and services,
counterparty credit risk, the uncertainty inherent in estimating natural
gas, NGLs and oil reserves and in projecting future rates of production,
cash flow and access to capital, the timing of development expenditures,
and the other risks described in “Item 1A. Risk Factors” of the 2017
Annual Report and the Company’s Quarterly Reports on Form 10-Q. In
addition, forward-looking statements are subject to risks and
uncertainties related to the combination with Blue Ridge, including,
without limitation, failure to realize or delays in realizing expected
synergies or other benefits of the transaction, difficulties in
integrating the combined operations, disruption of management time from
ongoing business operations due to the transaction, adverse effects on
the ability of the combined company to retain and hire key personnel and
maintain relationships with suppliers and customers, negative effects of
consummation of the transaction on the market price of the Company’s
common stock, transaction costs, unknown liabilities or unanticipated
expenses, and the other risks described under the heading “Risk Factors”
in the definitive consent solicitation statement/information
statement/prospectus related to the combination with Blue Ridge filed by
the Company with the Securities and Exchange Commission on January 28,
2019.

All forward-looking statements, expressed or implied, included in
this press release are expressly qualified in their entirety by this
cautionary statement and are based on assumptions that Montage Resources
believes to be reasonable but that may not prove to be accurate. This
cautionary statement should also be considered in connection with any
subsequent written or oral forward-looking statements that Montage
Resources or persons acting on its behalf may issue. Except as otherwise
required by applicable law, Montage Resources disclaims any duty to
update any forward-looking statements to reflect new information or
events or circumstances after the date of this press release. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.

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