Lonestar Resources US Inc. announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues of $47,852,000 against $18,135,000 a year ago. Income from operations was $13,835,000 against loss of $32,580,000 a year ago. Loss before income taxes was $23,423,000 against $35,369,000 a year ago. Net loss attributable to common stockholders was $20,707,000 or $0.84 per basic and diluted share against $23,457,000 or $1.07 per basic and diluted share a year ago. Net cash provided by operating activities was $28,906,000 against $4,377,000 a year ago. Acquisition of oil and gas properties was $1,257,000 against $106,615,000 a year ago. Development of oil and gas properties was $35,238,000 against $18,908,000 a year ago. Purchases of other property and equipment were $150,000 against $1,509,000 a year ago. EBITDAX was $5,339,000 against loss of $13,794,000 a year ago. Adjusted EBITDAX was $29,210,000 against $12,651,000 a year ago. Loss before income taxes, as adjusted was $2,012,000 against $5,226,000 a year ago. Net loss after preferred dividends excluding certain items, a non-GAAP measure was $3,529,000 or $0.14 basic and diluted per share against $3,707,000 or $0.17 basic and diluted per share a year ago.

For the six months, the company reported total revenues of $84,544,000 against $35,751,000 a year ago. Income from operations was $23,237,000 against loss of $33,912,000 a year ago. Loss before income taxes was $43,206,000 against $30,717,000 a year ago. Net loss attributable to common stockholders was $39,249,000 or $1.60 per basic and diluted share against $20,392,000 or $0.93 per basic and diluted share a year ago. Net cash provided by operating activities was $38,751,000 against $17,112,000 a year ago. Acquisition of oil and gas properties was $2,862,000 against $108,179,000 a year ago. Development of oil and gas properties was $66,761,000 against $37,750,000 a year ago. Purchases of other property and equipment were $1,498,000 against $1,522,000 a year ago. EBITDAX was $10,376,000 against $8,032,000 a year ago. Adjusted EBITDAX was $52,624,000 against $24,184,000 a year ago. Loss before income taxes, as adjusted was $3,558,000 against $8,728,000 a year ago. Net loss after preferred dividends excluding certain items, a non-GAAP measure was $6,644,000 or $0.27 basic and diluted per share against $5,993,000 or $0.27 basic and diluted per share a year ago.

For the quarter, the company reported total barrels of oil equivalent of 11,140 Boe/d against 5,635 Boe/d a year ago.

For the six months, the company reported total barrels of oil equivalent of 9,468 Boe/d against 5,452 Boe/d a year ago.

For the third quarter of 2018, the company also issued Adjusted EBITDAX of $32 to $34 million, which represents a 13% sequential improvement at its midpoint, and a 63% increase over third quarter of 2017 results.

For the full year of 2018, the company increased its 2018 EBITDAX guidance from a range of $110-$125 million to a range of $115-$130 million, based on a $60 average WTI oil price for the remainder of 2018. The company has elected to increase its 2018 capital program to bring 21 gross wells onstream, versus 19 gross wells previously. Consequently, Lonestar has increased its drilling and completion budget from a range of $110 million - $115 million to a range of $120 million - $130 million.

For the third quarter of 2018, the company issued production guidance of 11,750-12,200 Boe/d for the third quarter of 2018. The midpoint of this guidance represents an 8% sequential increase over second quarter of 2018 results and is 57% higher than production reported for the three months ended September 30, 2017.

For the full year of 2018, the company is increasing its full-year 2018 production guidance from 10,300-11,000 Boe/d to a range of 10,600-11,200 Boe/d, which equates to a 68% increase over 2017 results.

The visibility provided by a continuous drilling and completion program provides the Company with the confidence to issue a preliminary 2019 Outlook. Based on a drilling and completion budget of $120-$130 million, Lonestar sees daily production increasing to a range of 13,000 -14,000 Boe/d in 2019 and Adjusted EBITDAX increasing to a range of $140-$160 million. Importantly, this 2019 program can be executed with a single rig and can be essentially funded by internally generated cash flow.