Lonestar Resources US Inc (NASDAQ:LONE) Reports 48% Increase In Net Oil And Gas Production In Q1
Lonestar Resources US Inc (NASDAQ:LONE) recently announced its financial and operating results for the Q1 ended March 31, 2018. The company reported some key highlights, which include the 48% increase in net oil and gas production compared to the previous performance the same period last year.
The firm’s drilling program is also making great progress as it continues to deliver exceptional results. Lonestar has also experienced better-than-expected production results from its production guidance. However, the company reported a net loss of $18.5 million attributable to its stockholders compared to the net income of $3.1 for the same period last year.
Though the company is impressed with its Q1 financial results, the firm expects that its Q2 progress will be a full reflection of its amazing drilling results for the year. The company has a strong financial position that enables it to invest in secure and reliable drilling and pressure pumping services.
The company revealed recently that it has significantly reduced its debt from 5.4x to 3.4x and expects to reduce the debt further before the end of the year. The company is highly focused on giving the best to the customer and enhancing the shareholders’ value each year.
Lonestar is an oil and natural gas firm that focuses on development, manufacturing, and acquisition of alternative oil and natural gas liquids and properties in the Eagle Ford Shale located in Texas. The company is headquartered in Fort Worth, Texas.
The CFO Resigns
Lonestar recently announced that Doug Banister, Chief Financial Officer (CFO) for Lonestar has retired from his position with a promise to come back as a consultant. The company has also revealed the addition of Jason Werth as CFO and Gregory R. Packer as a German Counsel for the company.
Mr. Werth has served held various positions at Denbury Resources, first as SEC Reporting Manager, Assistant Controller of Corporate Accounting, and later as the Director of Audit before coming to Lonestar Resources. In addition, Mr. Werth has previously worked in different capacities at Arthur Anderson, PricewaterhouseCoopers LLP, and other companies. He has a bachelor’s degree in Accounting and MS-Accounting both from Texas A&M University.
Packer brings a wide span of experience to the company. He previously served as Senior Vice President and has conducted countless financing transactions, acquisitions, and various joint ventures. Packer previously held various positions at Howard Energy Partners, Latham & Watkins LLP and other firms where he has made a major impact on a number of public and private companies.