Sundance Energy Inc. Announces Current 2020 Hedge Book Covers 7,931 Barrels Per Day at $54.08 Floor Price
13 Mars 2020 - 7:53PM
Sundance Energy Inc. (NASDAQ: SNDE) (“Sundance” or the “Company”)
today provided details regarding its current hedge book and recent
actions the Company has taken to improve its already robust hedge
position to provide price certainty for 2020 and 2021.
For the balance of 2020 from April through
December, Sundance has hedges in place covering a total of 7,931
barrels of crude oil per day (or 2,181,000 barrels total) at a
weighted average floor price of $54.08 per barrel. For the calendar
year 2021, Sundance has hedges in place covering a total of 7,430
barrels of crude oil per day (or 2,712,000 barrels total) at a
weighted average floor price of $48.92 per barrel. In total,
Sundance has 5,581,000 barrels of crude oil hedged through 2023. In
2020 Sundance has 225,000 barrels subject to an initial $50.00
floor price and a $35.00 reparticipating floor price and 18,000
barrels subject to an initial $55.00 floor price and a $30.00
reparticipating floor price. In 2021 Sundance has 300,000 barrels
subject to an initial $50.00 floor price and a $35.00
reparticipating floor price.
Sundance’s Chief Executive Officer, Eric
McCrady, stated, “Sundance’s policy is to lock in hedges when we
make capital investments on wells for a period of at least 18
months to lock in attractive economic returns. We also manage our
hedge position opportunistically to protect our balance sheet and
liquidity position. Sundance’s crude oil hedge position now
represents ~90% of analyst’s production forecasts for 2020 and ~80%
for 2021. We believe that the certainty these hedges create will
provide the Company with a great deal of flexibility in this period
of price volatility and market uncertainty. Sundance will be
providing additional details around its reduced 2020 capital plan
when it reports on its fourth quarter 2019 results on next Monday,
March 16, 2020.”
About Sundance Energy
Inc.Sundance Energy Inc. is an independent energy
exploration and production company located in Denver, Colorado. The
Company is focused on the acquisition and development of large,
repeatable oil and natural gas resource plays in North America.
Current activities are focused in the Eagle Ford. A
comprehensive overview of the Company can be found on Sundance’s
website at www.sundanceenergy.net
Cautionary Statement Regarding
Forward-Looking StatementsThis press release contains
certain forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements are identified by the use of
the words “project,” “believe,” “estimate,” “expect,” “anticipate,”
“intend,” “contemplate,” “foresee,” “would,” “could,” “plan,” and
similar expressions that are intended to identify forward-looking
statements, which are generally not historical in nature. These
forward-looking statements are based on management’s current
expectations and beliefs concerning future developments and their
potential effect on Sundance. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting Sundance
will be those that are anticipated. Sundance’s forward-looking
statements involve significant risks and uncertainties (some of
which are beyond Sundance’s control) and assumptions that could
cause actual results to differ materially from Sundance’s
historical experience and present expectations or projections.
These include, but are not limited to, risks or uncertainties
associated with our previously completed redomiciliation
(including the ability to recognize any benefits therefrom),
the discovery and development of oil and natural gas reserves,
cash flows and liquidity, business and financial strategy, budget,
projections and operating results, oil and natural gas prices,
amount, nature and timing of capital expenditures, including future
development costs, availability and terms of capital and general
economic and business conditions. You are cautioned not to place
undue reliance on forward-looking statements contained in this
press release, which speak only as of the date of this press
release. Forward-looking statements also are affected by the risk
factors described in Sundance’s Annual Report on Form 20-F for
the fiscal year ended December 31, 2018, as may be amended,
and those set forth from time-to-time in other filings with the
SEC. Sundance undertakes no obligation to publicly update or revise
any forward-looking statements after the date they are made,
whether as a result of new information, future events or
otherwise.
For more information, please contact:
John Roberts VP Finance & Investor Relations Tel: (720)
638-2400 |
|
Eric McCrady Chief Executive Officer Tel: (303) 543-5703 |
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