Antero Resources Reports Second Quarter 2013 Financial Results, Utica First Production and Well Rates

DENVER, Aug. 13, 2013 /PRNewswire/ --

Highlights:

• Net daily production averaged 458 MMcfe/d, up 115% over second quarter 2012 production from continuing operations
• Net daily liquids production averaged 4,160 Bbl/d, up 74% over first quarter 2013 liquids production
• Reported GAAP earnings were $131 million and adjusted net income was $34 million
• EBITDAX was $133 million, up 120% over second quarter 2012 EBITDAX from continuing operations
• Current estimated combined net production is 580 MMcfe/d including 8,400 Bbl/d of NGLs and condensate
• Producing 35 MMcfe/d net (6,200 Boe/d) from Utica including 1,500 Bbl/d of liquids with first two wells flowing to processing
• Antero's first 11 Utica Shale wells had average 24-hour peak rate of 5,600 Boe/d, a 6,300 ft lateral and 57% liquids (ethane recovery assumed)
• Antero's first four Marcellus wells with shorter stage lengths had average 24-hour peak rate of 25.3 MMcfe/d, a 7,000 ft lateral, 190 ft stages and 45% liquids (ethane recovery assumed)
• 18 Antero-operated drilling rigs currently running in Marcellus and Utica
• Lender commitments on credit facility increased by 21% to $1.45 billion
• Proved reserves increased 47% from year-end 2012 to 6.3 Tcfe at mid-year in each case assuming ethane rejection

Antero Resources today released its second quarter 2013 results. The relevant financial statements are included in Antero Resources LLC's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, which has been filed with the Securities and Exchange Commission ("SEC").

Recent Developments

Effective June 27, 2013, the lender commitments under Antero's credit facility increased to $1.45 billion.  This represents a $250 million increase over Antero's previous lender commitments of $1.2 billion.  The $1.45 billion in commitments can be expanded to the full $1.75 billion borrowing base upon lender approval. The next borrowing base redetermination is expected to occur in September 2013.  Antero has $25 million of debt maturing prior to the May 2016 maturity date of the credit facility.

Antero's proved reserves at June 30, 2013 were 6.3 Tcfe, a 47% increase compared to reserves at December 31, 2012, in each case assuming ethane rejection.  The June 30, 2013 reserves exclude 178 MMBbls of ethane which are not recovered through processing due to current SEC price assumptions for ethane and methane.  Proved, probable and possible reserves (3P) taken in the aggregate totaled 27.7 Tcfe at June 30, 2013, a 28% increase compared to 3P reserves in the aggregate at December 31, 2012, also assuming ethane rejection.  The aggregate 3P reserves exclude 984 MMBbls of ethane.  The June 30, 2013 3P reserves were comprised of 18.7 Tcfe in the Marcellus Shale, 5.3 Tcfe in the Utica Shale and 3.8 Tcfe in the Upper Devonian Shale.

Financial Results

Net production for the second quarter of 2013 increased to 42 Bcfe, a 115% increase over net production from continuing operations in the second quarter of 2012.  Second quarter 2013 net production increased 20% from net production of 34 Bcfe in the first quarter 2013.  The sequential net production increase was primarily driven by production from 26 new wells brought on line in the second quarter of 2013 in the Marcellus Shale.  Net production of 42 Bcfe for the second quarter of 2013 was comprised of 39 Bcf of natural gas, 354,000 barrels of NGLs and 25,000 barrels of oil.  Net daily production averaged 458 MMcfe/d for the second quarter of 2013 and was comprised of 433 MMcf/d of natural gas (95%), 3,891 Bbl/d of NGLs (4%) and 269 Bbl/d of crude oil (1%).  Second quarter 2013 net daily liquids production of 4,160 Bbl/d increased 74% from net daily liquids production in the first quarter of 2013.

Revenues for the second quarter of 2013 were $387 million as compared to $39 million for the second quarter of 2012.  Revenues for the second quarter of 2012 included a $56 million unrealized loss on commodity derivative instruments while the second quarter of 2013 included a $181 million unrealized gain on commodity derivatives due to a decline in natural gas prices in the second quarter of 2013.  Liquids production (NGLs and oil) contributed 10% of oil, NGLs and natural gas sales before commodity hedges in the second quarter of 2013 compared to less than 1% during the second quarter of 2012.  Non-GAAP adjusted net revenues increased 117% to $206 million compared to the second quarter of 2012 (including cash-settled derivatives but excluding unrealized derivative gains and losses).  For a reconciliation of adjusted net revenue to operating revenues, the most comparable GAAP measure, please read "Non-GAAP Financial Measures."

Average natural gas prices before hedges increased 89% from the prior-year quarter to $4.37 per Mcf and average natural gas-equivalent prices before hedges increased 98% to $4.60 per Mcfe.  Average realized gas prices including hedges were $4.74 per Mcf for the second quarter of 2013, a 3% decrease as compared to the second quarter of 2012.  Average gas-equivalent prices including NGLs, oil and hedges, increased by 1% to $4.94 per Mcfe for the second quarter of 2013 as compared to the second quarter of 2012.  For the second quarter of 2013, Antero realized natural gas hedging gains of $0.34 per Mcfe. 

The Company had net income of $131 million on a GAAP basis for the second quarter of 2013, including $181 million of unrealized gains on commodity derivatives driven by a decrease in futures prices from the previous quarter-end and the realization of $14 million of commodity gains during the quarter.  Excluding the unrealized gain on commodity derivatives and the related income tax expense, adjusted net income, a non-GAAP measure, was $34 million for the second quarter of 2013 as compared to $8 million for the prior year quarter.  For a description of adjusted net income and a reconciliation of adjusted net income to net income, please read "Non-GAAP Financial Measures".

For the second quarter of 2013, cash flow from continuing operations before changes in working capital, a non-GAAP financial measure, increased 195% from the prior-year quarter to $92 million.  EBITDAX from continuing operations of $133 million for the second quarter of 2013 was 120% higher than the prior-year quarter due to increased production and revenues.  For a description of EBITDAX and cash flow from continuing operations before changes in working capital and reconciliations to their nearest comparable GAAP measures, please read "Non-GAAP Financial Measures".

Per unit cash production costs (lease operating, gathering, compression, processing and transportation, and production tax) for the second quarter of 2013 were $1.44 per Mcfe a 10% increase compared to $1.31 per Mcfe in the prior year quarter.  The increase was primarily driven by processing fees incurred in the Marcellus Shale in the second quarter of 2013 following the opening of the MarkWest Energy Partners, L.P. (MarkWest) Sherwood I plant in October 2012.  Per unit depreciation, depletion and amortization expense increased 10% from the prior year quarter to $1.27 per Mcfe, primarily driven by higher depreciation on gas gathering assets as the Company continued to build out its gas gathering system in the rich gas areas of the Marcellus and Utica Shales.  On a per unit basis, general and administrative expense for the second quarter of 2013 was $0.33 per Mcfe, a 39% decrease from the second quarter of 2012, primarily driven by the increase in gas-equivalent production. 

Capital Spending

Antero's drilling and completion costs for the six months ended June 30, 2013 were $758 million including $84 million for our 200-miles of water-handling infrastructure projects in the Marcellus and Utica Shales.  In addition, during the first half of 2013, $271 million was expended on acreage purchases, $152 million on gas gathering systems and $84 million on water-handling infrastructure.  In the Marcellus, $621 million funded the drilling of 74 (72 net) wells and the completion of previously drilled wells as well as $63 million on water-handling infrastructure.  A further $126 million was expended on acreage purchases and $96 million on gas gathering systems.  In the Utica, $53 million funded the drilling of 11 (9 net) wells and the completion of previously drilled wells and $21 million was expended on water-handling infrastructure, $145 million on acreage purchases and $56 million on gas gathering systems.

Antero Operations

All operational figures are as of the date of this release unless otherwise noted.

During the month of July 2013, Antero estimates that net production averaged 461 MMcfe/d including 4,500 Bbl/d of liquids.  Antero's current estimated net daily production is 580 MMcfe/d, including non-operated production, NGLs and oil.  Current estimated gross operated production is 660 MMcf/d.  Antero has an additional estimated 160 MMcfe/d of net production associated with 14 completed and tested horizontal wells in the Marcellus and Utica Shales that are shut-in waiting on infrastructure and a number of producing wells that are constrained and waiting on additional pipeline and compression facilities.  The current estimated net daily production is comprised of 533 MMcf/d of natural gas and 8,400 Bbl/d of NGLs and condensate.  During the second quarter of 2013, Antero completed 33 gross (32 net) operated wells in the Marcellus and Utica Shales and currently has 57 gross (54 net) operated wells in various stages of drilling, completion, or waiting on completion in the Marcellus and Utica Shale projects. 

Utica Shale — Antero is currently operating three drilling rigs, including one intermediate rig, in the rich gas/condensate window of the core of the Utica Shale play in southern Ohio.  The Company plans to add a fourth drilling rig in the third quarter of 2013 and a fifth rig in the fourth quarter of 2013.

Initial production from all but one of Antero's eleven completed horizontal Utica wells has been delayed for several months pending the completion of third-party high pressure gathering  infrastructure.  The final 16-mile segment of the Seneca to Cadiz pipeline was placed into service last week and enables Antero to transport Utica rich gas production to the MarkWest-owned and operated Cadiz processing facility.  The completion of this pipeline was delayed by approximately two months, primarily due to wet weather.  Antero subsequently brought on line two Utica Shale horizontal wells that now have access to gas processing facilities.  The Seneca to Cadiz pipeline provides Antero with interim access to 185 MMcf/d of combined cryogenic and refrigeration natural gas processing capacity at the Cadiz facility.  As an anchor producer, Antero initially has up to 82 MMcf/d of preferred interim processing capacity at Cadiz. 

Antero continues to lay both low- and high-pressure gas gathering pipeline to transport its Utica production to the recently completed MarkWest high-pressure gathering and gas processing infrastructure.  Including Antero's Sanford 1H horizontal well located in western Noble County, which went on line in December 2012, Antero's wells are producing an estimated 35 MMcfe/d net, including 1,300 Bbl/d of NGLs and 200 Bbl/d of condensate.  The two wells currently being processed are flowing on a restricted choke with an average flowing casing pressure of 3,550 psi.  Ethane is currently being rejected at the processing facility and left in the gas stream.  Antero has an additional estimated 90 MMcfe/d of net production in the Utica associated with eight completed and tested horizontal wells that are shut-in waiting to be brought on line sequentially as Antero completes the well and infrastructure start-up process over the next few weeks.  The full production capacity of the eight wells will likely be somewhat constrained until the fourth quarter of 2013 when Antero-committed processing capacity at Seneca I is expected to be in-service.  

Antero's first 11 wells in the Utica Shale play have all been tested in order to establish 24-hour peak rates.  Based on gas composition analysis and assuming full ethane recovery, the respective 24-hour peak rates have been summarized in the following table: 

The above 24-hour peak rates represent seven of the top eight announced 24-hour peak rates in the Utica Shale play to date.  Additionally, Antero is testing optimal well density in the Utica with the three Wayne wells that were drilled on one pad and represent Antero's first increased density pilot in the Utica utilizing 500 foot interlateral distance.  All other wells have been drilled on a 1,000 foot interlateral distance development plan.  Antero's Utica 3P reserves are also based on 1,000 foot interlateral distance.  These first 11 Utica Shale wells had an average drilling and completion cost of $11.5 million per well.  Antero expects well costs to decline as further development occurs and drilling and completion efforts are optimized.

MarkWest is currently constructing the Seneca processing complex in Noble County, Ohio to process Antero's rich gas production on a long-term basis.  Seneca I, a 200 MMcf/d cryogenic gas processing facility, is expected to begin operations in the fourth quarter 2013.  MarkWest is also building Seneca II, a second 200 MMcf/d cryogenic processing facility, which is expected to be in service late in the fourth quarter of 2013.  Antero has firm processing capacity of 150 MMcf/d in Seneca I with an option to secure the final 50 MMcf/d of capacity at its election.  Should this option be exercised in the third quarter of 2013, Antero will receive an additional 50 MMcf/d of interim capacity at the Seneca II facility until early third quarter 2014.  Antero also recently committed to 100 MMcf/d of firm processing capacity at a third 200 MMcf/d facility to be constructed at the Seneca complex, Seneca III, which is expected to be placed on line in the second quarter of 2014.  Antero also has the option to increase the Seneca III commitment to the full 200 MMcf/d of plant capacity by early third quarter 2014.

Antero has a compression and condensate stabilization agreement with a third-party to construct and operate three compressor stations in Noble and Monroe Counties, Ohio that have a combined capacity of 340 MMcf/d as well as three condensate stabilization facilities with a combined capacity of 16,000 Bbl/d, all of which are fully dedicated to Antero.  The condensate stabilization facilities are necessary to prevent vaporization.  The first two compressor stations and condensate stabilization facilities are expected to start up in the fourth quarter of 2013 while the third compressor station and condensate stabilization facility is expected to start up in the first quarter 2014.

In addition to its three wells on line, and eight wells in the process of being placed on line, Antero has seven wells either in the process of drilling, completing or waiting on completion.  Antero plans to drill a total of 21 horizontal Utica wells in 2013 with an average lateral length of 6,300 feet.  Antero currently holds approximately 101,000 net acres of leasehold in the core of the Utica Shale play.  Over 90% of Antero's acreage is believed to be located in the liquids-rich window.

Marcellus Shale—Antero is currently operating 15 drilling rigs in the Marcellus Shale play, including three intermediate rigs that will drill the vertical section of some horizontal wells to the kick-off point at approximately 6,000 feet.  All 15 of these rigs are drilling in northern West Virginia.  The Company plans to move one of the drilling rigs to the Utica Shale late in the third quarter of 2013.  Currently, Antero has 620 MMcf/d of gross operated production in the Marcellus Shale virtually all of which is from 182 horizontal wells, resulting in 545 MMcfe/d of estimated net production.  The 545 MMcfe/d of estimated net production is comprised of approximately 505 MMcf/d of tailgate gas, 6,800 Bbl/d of NGLs and 100 Bbl/d of condensate.  Antero has 50 horizontal wells either in the process of drilling, completing or waiting on completion and two dedicated frac crews currently working in West Virginia and several spot frac crews available as needed. 

The 182 horizontal Marcellus wells that Antero has completed and placed online to date have an average 24-hour peak rate of 15.6 MMcfe/d and an average 30-day rate of 8.6 MMcfe/d assuming ethane recovery, an average lateral length of approximately 7,000 feet, an average Btu of 1115 and an average drilling and completion cost of $8.7 million per well.  In the second quarter of 2013, Antero completed 25 horizontal Marcellus Shale wells with an average 24-hour peak rate of 16.6 MMcfe/d and an average 30-day rate of 9.6 MMcfe/d assuming ethane recovery, an average lateral length of approximately 6,800 feet and an average Btu of 1170.

During the second quarter of 2013, Antero began to complete most of its rich gas Marcellus wells with shorter stage lengths.  While Antero's wells utilizing shorter stage lengths have limited production history, Antero is encouraged by the well results as well as those of other operators in the southwestern core of the Marcellus who have implemented shorter stage lengths and reduced cluster spacing.  The following table summarizes Antero's initial well results from wells utilizing shorter stage lengths.

Antero's previous frac design resulted in stage lengths averaging 350 feet. Recent completions have utilized 150 to 250 foot stage lengths. Antero estimates that the incremental cost of the resulting additional frac stages per 7,000 foot lateral is in the $1.5 to $2.0 million per well range.

Antero has access to a total of 400 MMcf/d of cryogenic processing capacity at the MarkWest-owned and operated Sherwood processing facility located in Doddridge County, West Virginia.  Currently the Sherwood complex is running at approximately 66% of capacity.  Ethane is currently being rejected at the processing facility and left in the gas stream.  Antero has committed to a third 200 MMcf/d gas processing plant, Sherwood III, which is expected to go on line in the fourth quarter of 2013, and a fourth 200 MMcf/d plant, Sherwood IV, expected to go online in the second quarter of 2014.  These commitments provide Antero access to a total of 800 MMcf/d of Marcellus gas processing capacity.

During the past several months, Antero has experienced capacity constraints in the Marcellus Shale due to delays in the completion of third-party gathering and compression infrastructure.  Antero has an additional estimated 70 MMcfe/d of net production in the Marcellus associated with six horizontal wells that are shut-in waiting on infrastructure as well as a number of producing wells that are constrained and waiting on additional pipeline infrastructure.  After a two month delay, the 55 MMcfd/d third-party-owned and operated West Union compressor station was completed and placed into service in order to connect highly rich western Doddridge County wells to the Sherwood processing facilities.  Additionally, Antero has signed agreements with various third-parties to provide compression services in central and eastern Doddridge County that will add a combined total of 185 MMcf/d of incremental capacity during the remainder of 2013.  The 20-inch Zinnia low-pressure line being constructed by a third-party in our Tichenal area has experienced a three month delay due to wet weather.  The Zinnia line is expected to be completed later this month and will relieve an estimated 40 MMcfe/d of gross constrained Marcellus production.  Further, M3 Appalachia Gathering, LLC recently completed and placed into service the extension of its 16-inch to 24-inch M3 Lateral high pressure pipeline from the Energy Transfer Bobcat Lateral in Harrison County West Virginia to the TETCO interstate pipeline in southern Pennsylvania.  Antero currently has 100,000 MMBtu/d of firm transportation on the M3 Lateral, increasing to 300,000 MMBtu/d in the second quarter of 2014.

Antero is currently constructing a 20-inch low pressure gathering line connecting third-party compression located in central Doddridge County to the Sherwood processing facilities to allow for incremental rich gas gathering capacity.  This low pressure pipeline, expected to go into service in the fourth quarter of 2013, is ultimately expected to be converted to a high pressure gathering line serving central Doddridge County.  Additionally, Antero is constructing a 16-inch low pressure gathering line in eastern Ritchie and southern Tyler Counties to further expand its gathering infrastructure in order to connect several completed wells and allow for delivery of highly rich gas to the Sherwood processing facility.  This line is expected to go in service late in the third quarter of 2013.

Antero has 325,000 net acres in the southwestern core of the Marcellus Shale play of which 27% was associated with proved reserves at mid-year 2013.  Approximately 80% of Antero's Marcellus leasehold is prospective for processable rich gas.

Commodity Hedges

Antero has hedged 956 Bcfe of future production using fixed price swaps covering the period from July 1, 2013 through December 2019 at an average NYMEX‑equivalent price of $4.86 per MMBtu.  Approximately 21% of Antero's financial hedges are NYMEX hedges and 79% are tied to the Appalachian Basin.  For the NYMEX hedges, Antero physically delivers its hedged gas through backhaul firm transportation to Henry Hub, the index for NYMEX pricing, which eliminates basis risk on these NYMEX hedges.  For presentation purposes, basin prices are converted by Antero to NYMEX‑equivalent prices using current basis differentials in the over-the-counter futures market.  Antero has 11 different counterparties to its hedge contracts, all but one of which are lenders under Antero's bank facility.

The following table summarizes Antero's hedge positions held as of the date of this release:

2013 Outlook

Due to the pending registration of Antero's securities with the SEC, Antero will no longer provide its outlook for the remainder of 2013.  In addition, Antero's previously announced outlook for 2013 should no longer be relied upon.

Non-GAAP Financial Measures

Adjusted net revenue as set forth in this release represents operating revenues adjusted for certain non-cash items, including unrealized derivative gains and losses and gains and losses on asset sales.  We believe that adjusted net revenue is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Adjusted net revenue is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for total operating revenues as an indicator of financial performance.  The following table reconciles total operating revenues to adjusted net revenues:

Adjusted net income as set forth in this release represents income from operations before deferred income taxes, adjusted for certain non-cash items.  We believe that adjusted net income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Adjusted net income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (loss) as an indicator of financial performance.  The following table reconciles income from operations to adjusted net income:

Cash flow from continuing operations before changes in working capital as presented in this release represents net cash provided by operating activities before changes in working capital and exploration expense.  Cash flow from continuing operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company's ability to generate cash to internally fund exploration and development activities and to service debt.  Cash flow from continuing operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry.  In turn, many investors use this published research in making investment decisions.  Cash flow from continuing operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for cash flows from continuing operations, investing, or financing activities, as an indicator of cash flows, or as a measure of liquidity.

The following table reconciles net cash provided by operating activities to cash flow from continuing operations before changes in working capital as used in this release:

EBITDAX is a non-GAAP financial measure that we define as net income (loss) before interest expense or interest income, realized and unrealized gains or losses on interest rate derivative instruments, taxes, impairments, depletion, depreciation, amortization, exploration expense, unrealized commodity hedge gains or losses, franchise taxes, stock compensation, business acquisition and gain or loss on sale of assets.  EBITDAX, as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.  EBITDAX should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.  EBITDAX provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position.  EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, franchise taxes, exploration expenses, and other commitments and obligations. However, our management team believes EBITDAX is useful to an investor in evaluating our financial performance because this measure:

• is widely used by investors in the oil and gas industry to measure a company's operating performance without regard to items excluded from the calculation of such term, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
• helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating structure; and
• is used by our management team for various purposes, including as a measure of operating performance, in presentations to our board of directors, as a basis for strategic planning and forecasting and by our lenders pursuant to covenants under our credit facility and the indentures governing our senior notes.

There are significant limitations to using EBITDAX as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies and the different methods of calculating EBITDAX reported by different companies.  The following table represents a reconciliation of our net (loss) from continuing operations to EBITDAX from continuing operations, a reconciliation of our net income (loss) from discontinued operations to EBITDAX from discontinued operations and a reconciliation of our total EBITDAX to net cash provided by operating activities for the three and six months ended June 30, 2012 and 2013:

The cash prices realized for oil, NGLs and natural gas production, including the amounts realized on cash settled derivatives, are a critical component in the Company's performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry.  In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various hedging and derivative transactions, such information is now reported in various lines of the income statement.

Antero Resources is an independent oil and natural gas company engaged in the acquisition, development and production of unconventional oil and liquids-rich natural gas properties primarily located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania. Our website is located at www.anteroresources.com.

This release includes "forward-looking statements". Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Antero's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our 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, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under the heading "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012.

SOURCE Antero Resources