People | People-Promotion | Production Restart | 2020 Guidance | Curtailment/Shut-In

Montage Puts Production Back Online, Ups Guidance; Taps New COO

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   |    Wednesday,June 03,2020

Montage Resources Corp. has increased its full year and second quarter 2020 production guidance and provided an organizational update.

Updated Production Guidance:

• In connection with improving crude oil and NGL commodity prices, the Company began increasing its previously curtailed production during the month of May. As of June 1, 2020, the Company has returned substantially all its previously curtailed production to sales due to the significant improvement in cash margins

• Increased full year production guidance for 2020 to 565 - 585 MMcfe per day, an increase of approximately 2% over the midpoint of its previous full year 2020 production guidance of 555 - 575 MMcfe per day

• The Company now expects its second quarter 2020 production will average between 535 - 555 MMcfe per day

Taps New COO

Effective June 1, 2020, Matthew Rucker, who previously served as Executive Vice President, Resource Planning and Development, has been named Executive Vice President and Chief Operating Officer.

Mr. Rucker replaces Oleg Tolmachev, the former Chief Operating Officer of the Company, whose employment with the Company ended June 1, 2020. In his new role, Mr. Rucker has assumed responsibility over the Company's operations in the Ohio Utica and Marcellus Shales along with oversight of the Company's drilling and completion operations. In addition, Mr. Rucker will continue to oversee the Company's reservoir engineering, land and geology departments.