Alta Mesa Resources, Inc. (ticker: AMR) produced 21,000 BOEPD in 2017, a 50% increase over 2016 net production of approximately 13,000 BOEPD. Total production mix for full-year 2017 was 52% oil, 17% natural gas liquids and 31% natural gas.
Fourth quarter 2017 production was approximately 22,000 BOEPD, a greater than 45% increase over approximately 15,000 BOEPD in the fourth quarter 2016. Total production mix for the fourth quarter 2017 was 55% oil, 18% natural gas liquids and 27% natural gas.
According to Alta Mesa, through year-end 2017, the company’s net production has grown at a five-year compound annual growth rate of over 80%.
Operations
Alta Mesa deployed four to six drilling rigs during 2017, drilled 108 gross wells (approximately 60 net wells) and completed 101 gross wells (approximately 56 net). The company has had six drilling rigs and four fracture stimulation crews operating in early 2018, and has contracted for two additional drilling rigs to begin operating in March and April of 2018.
“The drilling and completion activity Alta Mesa has executed in the oil window of the STACK during 2017, coupled with leasehold acquisitions, has set the stage for a deliberate program of multi-well pattern development,” stated Alta Mesa CEO Hal Chappelle. “Our capital and operating cost structure and production mix have continued to foster economic returns on capital for our investors.”
YE 2017 reserves
Alta Mesa’s oil, natural gas and natural gas liquids reserves as of December 31, 2017, were 176.2 MMBOE net to the company, an increase of 46.6 MMBOE compared to 129.6 MMBOE at year-end 2016.
Proved reserves consisted of 71.9 million barrels of oil, 36.1 million barrels of natural gas liquids and 409 billion cubic feet of natural gas. Approximately 52 MMBOE of proved reserves at year-end 2017 were classified as proved developed producing (PDP) reserves, and approximately 124 MMBOE were classified as proved undeveloped (PUD) reserves.
According to Alta Mesa, through year-end 2017, the company’s reserves have grown in volume at a five-year compound annual growth rate of over 80%.
EnerCom Dallas 2018
Alta Mesa CEO Hal Chappelle presented at EnerCom Dallas last week. The presentation is available here.
