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Ohio Utica Shale

Atlas Resource Partners putline 2013 drilling plans

By Bob Downing Published: January 11, 2013

A press release received on Wednesday:

 

Atlas Resource Partners, L.P. Provides Update on Operations and Hedging Program

PHILADELPHIA--(BUSINESS WIRE)--Jan. 9, 2013-- Atlas Resource Partners, L.P. (NYSE: ARP) (“ARP” or “the Company”) today has provided an update on its operations and hedging program. Including the acquisitions completed in 2012 and its current drilling plans, ARP is forecasting full year 2013 net production in a range of 51 Bcfe to 56 Bcfe, representing an increase of approximately 50% from annualized third quarter 2012 net production (based on the midpoint of the production range). The increase in production is expected to be generated primarily from further development in ARP’s oil and natural gas liquids (NGL) rich operating regions, including the Mississippi Lime, Utica Shale and the Marble Falls region in the Fort Worth Basin (TX).

Edward E. Cohen, Chief Executive Officer of ARP, stated, “Our updated 2013 guidance reflects our success in 2012 in expanding our operations through accretive acquisitions and organic development. The outlook for 2013 and thereafter continues to be favorable.”

ARP has increased its oil and gas hedge positions, further stabilizing its production cash flow. The Company has the following hedge positions for 2013:

  • Natural gas: approximately 31 Bcf at an average price of $3.89/mcf (swap and collar positions, excluding basis differential), which represents approximately 90% of revenue derived from natural gas
  • NGLs: approximately 165,000 bbl at an average price of $92.69/bbl (hedged heavier NGL components using WTI crude swaps)
  • Crude oil: approximately 373,000 bbl at an average price of $92.30/bbl (swap and collar positions)

Based on its current operations forecast, ARP anticipates 2013 capital expenditures of approximately $175 million. The capital expenditure forecast is comprised of approximately $145 million for well drilling activities (including ARP’s investment in the partnership programs) and approximately $30 million for land acquisition and other uses. The drilling capital includes approximately $26 million in maintenance capital expenditures.

ARP completed its fundraising for the Atlas Resources Series 32 – 2012 limited partnership program, in which it raised approximately $125 million through December 31, 2012. These funds will be deployed to develop well sites in the Marcellus Shale, Utica Shale and Mississippi Lime regions. ARP intends to raise at least $150 million in investor funds in 2013. ARP also expects to deploy approximately $190 million of investor funds in 2013, resulting in fee margin to the Company.

ARP expects full year 2013 limited partner distributions of at least $2.35 per unit, consistent with the Company’s previously announced guidance.

Atlas Resource Partners, L.P. (NYSE: ARP) is an exploration & production master limited partnership which owns an interest in over 10,100 producing natural gas and oil wells, primarily in Appalachia and the Barnett Shale in Texas. ARP is also the largest sponsor of natural gas and oil investment partnerships in the U.S. For more information, please visit our website at www.atlasresourcepartners.com, or contact Investor Relations at InvestorRelations@atlasenergy.com.

Atlas Energy, L.P. (NYSE: ATLS) is a master limited partnership which owns all of the general partner Class A units and incentive distribution rights and an approximate 44% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. Additionally, Atlas Energy owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through all of the general partner interest, all the incentive distribution rights and an approximate 9% limited partner interest. For more information, please visit our website at www.atlasenergy.com

, or contact Investor Relations at InvestorRelations@atlasenergy.com.

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ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

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Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

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Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

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National Geographic's The Great Shale Rush.

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Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

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Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.