Antero Resources Operational Update

                     Antero Resources Operational Update

PR Newswire

DENVER, Jan. 27, 2014

DENVER, Jan. 27, 2014 /PRNewswire/ --

  oNet daily production recently surpassed 750 MMcfe/d including 15,000 Bbl/d
    of liquids Fourth quarter 2013 average net daily production is estimated
    to be 675 to 680 MMcfe/d, above the midpoint of previously announced
    guidance range
  oFirst 10 Marcellus Shale wells with shorter stage lengths (SSL) had an
    average 120-day wellhead production rate of 7.9 MMcf/d, 27% above the
    Company's type curve
  oFive additional Utica Shale wells completed since 3^rd quarter 2013 press
    release had an average 24-hour peak processed rate of 32.2 MMcfe/d
    assuming ethane recovery (65% liquids)
  oFirst 11 core area Utica Shale wells had an average 30-day processed rate
    of 14.7 MMcfe/d, assuming ethane rejection (35% liquids), despite
    producing into an operating environment with 1,100 psi line pressure (no
    compression)
  oFirst Utica compressor station recently completed and placed into
    operation (120 MMcf/d capacity)
  oFirm takeaway capacity and sales has been expanded to 1.5 Bcf/d by
    year-end 2014

(Logo: http://photos.prnewswire.com/prnh/20131101/LA09101LOGO)

Antero Resources (NYSE: AR) ("Antero" or the "Company") announced today recent
operational highlights.

Operational Results

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

Antero's combined net daily production from the Marcellus and Utica Shales
recently surpassed 750 MMcfe/d including 15,000 Bbl/d of NGLs and oil. Gross
daily operated production from the Marcellus alone recently crossed the 750
MMcf/d threshold. The Company has completed 242 horizontal wells in the
Marcellus and Utica Shales since commencing drilling operations in Appalachia
in 2009. Antero's net production for the fourth quarter of 2013 is estimated
to have averaged 675 to 680 MMcfe/d, which is above the midpoint of the
previously announced guidance range of 660 to 690 MMcfe/d. The fourth quarter
of 2013 estimated production represents an organic production growth rate of
20% and 87%compared tothe third quarter of 2013 and fourth quarter of 2012,
respectively.

Commenting on the production milestone, Paul M. Rady, Antero's Chairman and
CEO, said, "We recently set a company record high net production level of 750
MMcfe/d as a result of the continued success of our SSL program in the
Marcellus, and the start-up of first Utica compression along with several new
wells in the Utica in late January. Fourth quarter 2013 production is
estimated to be slightly above the midpoint of our guidance range despite
delays in the start-up of two third party compressor stations in the Utica.
The robust nature of our highly economic drilling program allows us to
generate one of the strongest growth profiles in the industry. This growth
should continue well into the future."

Marcellus Shale — Antero transitioned to shorter stage length (SSL)
completions on virtually all of it Marcellus wells during the fourth quarter
of 2013. While Antero wells utilizing SSL completions have limited production
history, Antero is encouraged by its 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 completions. To date,
Antero has completed and placed on line 22 Marcellus wells utilizing SSL
completions that have at least 30 days of production history. The various
actual average production rates are compared to the June 30^th, 2013 reserve
report type curve in the table below:

                       SSL vs Non-SSL Wellhead Average Rate Comparison
                       (MMcf/d)
                                30-day rate 60-day     90-day     120-day rate
                                            rate       rate
SSL Well Count                  22          19         19         10
SSL Average Rate – MMcf/d(1)    10.0        8.6        8.1        7.9
1.5 Bcf/1,000' Type Curve       7.6         7.1        6.6        6.2
Average Rate – MMcf/d(1)
SSL % Rate Improvement          31%         21%        24%        27%

(1)  Wellhead condensate production (where applicable) is converted on a 6:1
     basis

The 10 wells that have been on line for at least 120 days are 27 percent above
Antero's 1.5 Bcf per 1,000 foot of lateral type curve. The average well cost
for SSL wells, defined as wells with stage lengths less than 225 feet, are
approximately 12 percent higher than comparable non-SSL wells with an average
stage length of 350 feet.

Antero is currently operating 15 drilling rigs in the Marcellus Shale play.
The Company has 63 gross (60 net) horizontal wells either in the process of
drilling, completing or waiting on completion in the Marcellus. Antero
currently has two dedicated frac crews working in West Virginia along with
three spot frac crews. The Company plans to increase to seven frac crews for
portions of the year to accommodate the additional inventory from increased
rig activity, drilling productivity and the transition to SSL completions.
The increased frac crew activity will also allow the Company to fill
increasing takeaway capacity.

Utica Shale - Since the third quarter 2013 press release, the Company has
completed and tested five additional Utica Shale wells. Based on gas
composition analyses and assuming full ethane recovery (per current industry
practice and assuming typical ethane plant production recoveries of 85% to
90%), these five wells had an average 24-hour peak processed rate of 32.2
MMcfe/d as summarized in the following table below:

                Additional 5 Antero Utica Shale Wells - 24-Hour
                Peak Rate
                Gas        Wellhead            Shrunk                             Lateral
Well            Equivalent Gas      Condensate Gas      NGL     %       Estimated
Name     County                                                 Liquids BTU       Length
                Rate       (MMcf/d) (Bbl/d)    (MMcf/d) (Bbl/d)
                (MMcfe/d)                                                         (Feet)
Milligan Noble  40.2       17.2     2,087      13.5     2,361   66%     1276      5,989
2H
Coal 3H  Noble  35.3       15.1     1,850      11.8     2,063   67%     1278      7,768
Milligan Noble  32.1       15.4     1,228      12.1     2,111   62%     1276      5,267
3H
Dollison Noble  27.5       12.5     1,397      10.2     1,488   63%     1238      6,253
1H
Milligan Noble  25.8       10.6     1,442      8.3      1,461   68%     1276      6,436
1H
Average –       32.2       14.2     1,601      11.2     1,897   65%     1269      6,343
Ethane Recovery
Average –
Ethane          27.3       14.2     1,601      13.0     779     52%     1269      6,343
Rejection(1)

(1)      Average of Antero's latest five Utica wells assuming ethane
         rejection.

The Company's rich gas production going into the Seneca processing complex in
the Utica Shale has been flowing against 1,100 psi of line pressure while
waiting on compression capacity, resulting in constrained production.
Expected line pressure with compression is in the 175 to 250 psi range.

The Company has a compression and condensate stabilization agreement with a
third-party midstream provider to construct and operate three compressor
stations in Noble and Monroe Counties, Ohio. These three compressor stations
have a combined capacity of 340 MMcf/d and the three condensate stabilization
facilities have a combined capacity of 16,000 Bbl/d, all of which are fully
dedicated to Antero. The first two compressor stations and condensate
stabilization facilities were expected to be completed and placed in service
during the fourth quarter of 2013. However, these two facilities were delayed
with the first 120 MMcf/d compressor station just recently coming on line in
late January. This compressor station is currently operating at approximately
67 percent of capacity as 6 of 9 units have been placed in service. The
remaining three units are scheduled to be placed in service over the next
week. The second 120 MMcf/d compressor station is now expected to be
completed late in the first quarter of 2014.

Four out of the five wells detailed in the table above are currently producing
to sales. The Dollison 1H is waiting on pipeline infrastructure and scheduled
to be turned to sales later in the first quarter of 2014. In addition, two
more wells have been completed and will be placed to sales over the next week
as the first facility reaches full capacity.

Antero's previously announced Utica wells are on line and continued to produce
against significant high line pressures during the fourth quarter of 2013 as
they awaited compression. Assuming ethane rejection (Antero is currently
rejecting ethane due to current market prices), the respective average 30-day
processed production rates for these 11 previously disclosed wells, producing
in an 1,100 psi operating pressure environment, have been summarized in the
following table:

              Initial 11 Antero Core Area Utica Shale Wells –
              30-Day Constrained Production Rates
              Equivalent Wellhead                                             Lateral
Well                     Gas      Condensate Shrunk Gas  NGL     %
Name   County Rate                                               Liquids BTU  Length
              (MMcfe/d)  (MMcf/d) (Bbl/d)    (MMcf/d)(1) (Bbl/d)
                                                                              (Feet)
Gary   Monroe 29.7       24.6     65         23.1        1,023   22%     1224 8,882
2H
Rubel  Monroe 19.2       15.9     64         15.0        625     22%     1217 6,571
2H
Rubel  Monroe 18.7       15.6     43         14.7        623     21%     1220 6,424
3H
Yontz  Monroe 17.0       15.2     1          14.6        392     14%     1161 5,115
1H
Norman Monroe 16.4       14.3     2          13.6        461     17%     1186 5,498
1H
Rubel  Monroe 14.0       11.5     28         10.8        501     23%     1231 6,554
1H
Wayne  Noble  12.1       6.5      653        6.0         367     51%     1281 6,094
2H
Wayne  Noble  11.0       6.1      540        5.6         354     49%     1272 6,712
3HA
Wayne  Noble  9.2        5.2      452        4.7         284     48%     1265 6,493
4H
Miley  Noble  9.0        3.8      700        3.5         213     61%     1278 6,153
2H
Miley  Noble  5.9        2.7      418        2.5         161     59%     1291 6,296
5HA
Average –
Ethane        14.7       11.0     270        10.4        455     35%     1239 6,436
Rejection
Average –
Ethane        17.9       11.0     270        9.2         1,189   53%     1239 6,436
Recovery(1)

(1)      Average of Antero's first 11 Utica core area wells assuming ethane
         recovery.

As described earlier in the press release, Antero is currently placing into
service 120 MMcf/d of compression capacity which will allow the above wells to
flow into a lower pressure operating environment which should improve
productivity.

Antero is currently operating 5 drilling rigs in the Utica Shale play. The
Company has 18 gross (13 net) horizontal wells either in the process of
drilling, completing, waiting on completion or waiting on pipeline or
compression, including the three wells described earlier in the release.
Antero currently has two spot frac crews working in Ohio, and is adding a 3^rd
crew which will run during various periods throughout the year to accommodate
its increased drilling activity.

Firm Transportation and Sales

Antero enters into firm transportation and sales agreements with various
pipelines and counterparties in order to facilitate the delivery of its
production and diversify its exposure to basis concentration risk. These firm
transportation and sales agreements generally have a term of ten years and
commence by the end of 2014. During the fourth quarter of 2013, the Company
increased its total firm takeaway capacity by 175 MMcf/d to a total of 1,477
MMcf/d by the end of 2014.



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 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 "Risk Factors" in our Final Prospectus dated October 9, 2013 on file
with the Securities and Exchange Commission (File No. 333-189284).

SOURCE Antero Resources

Website: http://www.anteroresources.com
Contact: Michael Kennedy - VP Finance, at (303) 357-6782 or
mkennedy@anteroresources.com.
 
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