Eclipse Resources Announces Operational Update, Marcellus Type Curve Increase and Upcoming Conference Participation

March 26, 2018

STATE COLLEGE, Pa.–(BUSINESS WIRE)–Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse
Resources”) today is pleased to provide an operational update, update
its projections regarding its Marcellus Condensate type curve and
announce the Company’s participation in the investor conference listed
below:

Upcoming Investor Conferences

Tuesday March 27th
– Wednesday March 28th (New
Orleans, LA): Scotia Howard Weil 2018 Energy
Conference. Benjamin W. Hulburt (Chairman, President and CEO) will
present and host investor meetings along with Matthew R. DeNezza
(Executive Vice President and CFO).

The Company’s updated investor presentation, which is posted on the
corporate website at www.eclipseresources.com
under the investor relations section, will be referenced during the
conference.

Operational Update

Based upon the performance of the two Marcellus wells that were turned
to sales in January 2018, the Company has updated its Marcellus
Condensate type curve. The type curve has a projected EUR of 1.8 Bcfe
per 1,000 foot of lateral and an anticipated well level rate of return
of approximately 73%1.
The Company successfully drilled its longest Utica Dry Gas well to
date, the Wiley D 8H, with a total measured depth of approximately
30,130 feet and a lateral extension of approximately 19,335 feet in
20.5 days from spud to total depth, setting a new lateral length
record for a Dry Gas well for the Company.
The Company has recently spud its first Flat Castle operated well, the
Painter 2H, with an expected lateral length of approximately 13,500
feet in the Company’s newly acquired Flat Castle acreage located in
Tioga County, Pennsylvania.
The Company has reaffirmed its first quarter 2018 production guidance
of 304 to 311 MMcfe per day with the expectation that production will
be above the midpoint of such guidance range.
The Company has recently added to its 2018 and 2019 natural gas hedge
portfolio:
- The Company has approximately 82% of expected 2018 natural gas
  production hedged at an average floor price2 of $2.93
  per MMBtu and an average ceiling price of $3.26 per MMBtu.
- The Company has an average of 142,500 MMBtu per day of expected
  2019 natural gas production hedged at an average floor price2
  of $2.83 per MMBtu and an average ceiling price of $2.94 per MMBtu.

1Based upon $3.00 per Mcf natural gas and $55 per
barrel oil pricing.
2 For the purposes of
calculating three-way floor price, the higher valued put is used.

Commenting on the operational announcement, Benjamin W. Hulburt,
Chairman, President and Chief Executive Officer, said, "The Company’s
two Marcellus wells, which were turned to sales in January 2018, have
shown strong initial production characteristics with the early well
performance providing higher gas production with an initial gas
production rate average of 6.7 Mmcf per day while yielding approximately
68 barrels of condensate per Mmcf. We have made upward adjustments to
our internal gas EUR estimates to over 1.25 Bcf per 1,000 foot as we
have been able to flow the wells harder than we planned, while pressure
drop has slowed over that same time period. Based upon this
out-performance we have seen from these two wells, the Company has
increased its Marcellus Condensate type curve expectation to 1.8 Bcfe
per 1,000 foot of lateral. These results exceed our anticipated
expectations and help de-risk this set of high returning, liquids
weighted locations, and we remain excited for the prospect of this area
becoming a more meaningful part of our drilling program in the future,
as we can now co-develop both the Utica and Marcellus on the same pad.”

“Additionally, the Company has continued to showcase its operational
capabilities, successfully drilling its longest Dry Gas lateral to date,
the Wiley D 8H, with a total measured depth of approximately 30,130 feet
and a lateral extension of approximately 19,335 feet. This well was
drilled from spud to total depth in 20.5 days and set a new Utica Dry
Gas lateral length record for the Company. Our team has also now spud
the Company’s first Flat Castle area well, which will include a number
of scientific and data mining technical applications to allow us to
further study the potential of this new area. We anticipate turning this
well to sales late in the third quarter of 2018.”

“I am pleased to note that, based upon recent State of Ohio cumulative
production data, Eclipse Resources had eight of the top ten oil
producing wells during the fourth quarter of 2017. We believe this data
further confirms the Company’s competitive advantage over other
Appalachian producers primarily due to our Super Lateral development
capabilities. We remain highly confident in our total production
forecast for the first quarter of 2018, despite the harsh winter
operating environment we have experienced in the Appalachian Basin.”

About Eclipse Resources

Eclipse Resources is an independent exploration and production company
engaged in the acquisition and development of oil and natural gas
properties in the Appalachian Basin, including the Utica and Marcellus
Shales. For more information, please visit the Company’s website at www.eclipseresources.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements, other than
statements of historical fact included in this press release, regarding
Eclipse Resources’ strategy, future operations, financial position,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words “plan,” “will,”
“would,” “could,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain such identifying words. These forward-looking statements are
based on Eclipse Resources’ current expectations and assumptions about
future events and are based on currently available information as to the
outcome and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements described under the heading “Risk Factors” in
Eclipse Resources’ Annual Report on Form 10-K filed with the Securities
Exchange Commission on March 2, 2018 (the “2017 Annual Report”).

Forward-looking statements may include, but are not limited to,
statements about Eclipse Resources’ business strategy; general economic
conditions; financial strategy, liquidity and capital required for
developing its properties and timing related thereto; realized prices
for natural gas, natural gas liquids and oil and the volatility of those
prices; timing and amount of future production of natural gas, NGLs and
oil; its hedging strategy and results; future drilling plans;
competition and government regulations, including those related to
hydraulic fracturing; the anticipated benefits under its commercial
agreements; marketing of natural gas, NGLs and oil; leasehold and
business acquisitions; the costs, terms and availability of gathering,
processing, fractionation and other midstream services; credit markets;
uncertainty regarding its future operating results, including initial
production rates and liquid yields in its type curve areas; and plans,
objectives, expectations and intentions contained in this press release
that are not historical, including, without limitation, the guidance set
forth herein..

Eclipse Resources cautions you that all these forward-looking
statements are subject to risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s control,
incident to the exploration for and development, production, gathering
and sale of natural gas, NGLs and oil. These risks include, but are not
limited to, legal and environmental risks, drilling and other operating
risks, regulatory changes, commodity price volatility and the
significant decline of the price of natural gas, NGLs, and oil from
historical highs, inflation, lack of availability of drilling,
production and processing equipment and services, counterparty credit
risk, the uncertainty inherent in estimating natural gas, NGLs and oil
reserves and in projecting future rates of production, cash flow and
access to capital, risks associated with the Company’s level of
indebtedness, the timing of development expenditures, and the other
risks described under the heading “Risk Factors” in the 2017 Annual
Report.

All forward-looking statements, expressed or implied, included in
this press release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting on
the Company’s behalf may issue. Except as otherwise required by
applicable law, Eclipse Resources disclaims any duty to update any
forward-looking statements to reflect events or circumstances after the
date of this press release.

Contacts

Eclipse Resources Corporation
Douglas Kris, 814-325-2059
Investor
Relations
[email protected]