mooremi9
12 years ago
Earthstone Energy Reports 3rd Quarter Results
PrintAlert
Highlights
EPS of 68 cents in third qtr vs 4 cents in prior year
Comparable EBIT up 83% to $4.1 million
Comparable production volume up 63% for qtr to 49,355 BOE
Continued exceptional performance quarter-over-quarter
EARTHSTONE ENERGY, INC. (NYSE Amex:ESTE) reported net income of $1,152,000, $0.68 per diluted share, on revenue of $3.9 million for the third quarter of fiscal 2012 compared to net income of $74,000, $.04 per diluted share, on revenue of $2.0 million for the third quarter of fiscal 2011. For the nine months ending December 31, 2011, the Company reported net income of $2,545,000, $1.49 per diluted share, on revenue of $8.9 million compared to net income of $1,176,000, $0.69 per diluted share, on revenue of $5.7 million for the same period ended December 2010. Total revenue and net income increased $1,879,000 (95%) and $1,078,000 (1,457%), respectively, from the comparable three month prior year period. These increases were due both to increases in oil and gas sales volumes and higher oil and gas prices in 2012 relative to 2011. Other factors which contributed to our quarterly results are disclosed in the Company's most recent Form 10-Q.
"We completed the first nine months of the fiscal year with compelling results, posting solid gains in revenues and net income," commented Ray Singleton, President of Earthstone. "We were especially pleased to generate robust growth in year-to-date EBITDA; increasing $1.9 million, or 83%, over the first nine months last year. While production for the first two quarters this year was hampered by severe flooding in the Williston, our third quarter has really seen the benefits of our increased drilling tempo. In fact, the foundation of solid earnings and free cash flow allowed for a year-to-date, capital deployment of more than double of that spent during the same period last year. In an effort to achieve continued long-term growth, the Company continues to pursue its strategy of drilling non-operated, horizontal Bakken wells where we have built momentum in production growth, bolstered by the acquisition of producing properties in the Williston Basin. While the Williston is our primary focus, we continue to evaluate non-Bakken opportunities which could positively impact the Company's reserves and production. We are excited, as the investments we made in growth projects this year are expected to benefit both next quarter's and next year's income and stock price growth."
ABOUT EARTHSTONE ENERGY:
Earthstone Energy, Inc. is a growth-oriented independent oil and gas exploration and production company with primary operations in the Williston Basin and south Texas. Earthstone is currently traded on the NYSE Amex under the symbol ESTE. Information on Earthstone can be found at its web site: www.earthstoneenergy.com.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements can be identified by words such as "could," "should," "may," "will," "anticipate," "expect," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Earthstone intends, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements also include comments regarding assumptions regarding production rates and growth, operating costs, reduction of operation costs, commodity prices, industry outlook, future drilling activities, acquisitions and industry opportunities. Factors that could cause actual results to differ materially include availability of rigs and services, price volatility of oil and gas, estimated production rates and adjustments to ownership percentages in addition to economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Earthstone Energy's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for March 31, 2011 and Quarterly Reports on Form 10-Q for the three and six months ended June 30, 2011, September 30, 2011, and December 31, 2011, respectively. The Company disclaims any obligation to update forward-looking statements.
FINANCIAL HIGHLIGHTS
Nine Months Ended Three Months Ended
December 31, December 31,
2011 2010 2011 2010
Revenue $8,936,000 $5,748,000 $3,866,000 $1,987,000
Sales volume
Oil (barrels) 86,427 69,214 38,809 21,865
Gas (mcf) 140,943 122,543 63,281 50,653
Total production expense $3,292,000 $2,265,000 $1,333,000 $874,000
Gross profit $5,523,000 $3,414,000 $2,497,000 $1,072,000
Average sales price
Oil (per Barrel) $90.03 $69.87 $8784 $73.96
Gas (per Mcf) $7.34 $6.88 $6.65 $6.50
Average per BOE*
Production expense $29.95 $25.27 $27.01 $28.84
Net income $2,545,000 $1,176,000 $1,152,000 $74,000
Basic net income per share $1.49 $0.69 $0.68 $0.04
Diluted net income per share $1.49 $0.69 $0.68 $0.04
Weighted avg. number of shares outstanding, basic 1,710,035 1,699,877 1,706,588 1,697,097
Weighted avg. number of shares outstanding, diluted 1,710,035 1,699,877 1,706,588 1,697,067
*Barrel of oil equivalent
CONTACT: Ray Singleton
303-296-3076, ext. 102
TechKim
13 years ago
Earthstone Energy Reports Changes to Company Officers
Date : 03/23/2011 @ 6:38PM
Source : PR Newswire
Stock : Earthstone Energy, Inc. (MM) (ESTE)
http://ih.advfn.com/p.php?pid=nmona&article=46999176&symbol=ESTE
Earthstone Energy Reports Changes to Company Officers
Earthstone Energy, Inc. (MM) (NASDAQ:ESTE)
Intraday Stock Chart
Today : Wednesday 23 March 2011
Earthstone Energy Reports Changes to Company Officers
PR Newswire
DENVER, March 23, 2011
DENVER, March 23, 2011 /PRNewswire/ -- EARTHSTONE ENERGY, INC. (Nasdaq: ESTE) reported that Joseph Young has resigned as the Company's Principal Accounting Officer. Mr. Young cited business and personal reasons for his decision.
"For nearly three years Mr. Young has been a valued member of our team," commented Ray Singleton, President of Earthstone. "As one of our highly regarded contributors, his personal dedication was instrumental in bringing us through SOX compliance, the transition to our new auditors and upgrading our accounting system. His dedication, thoroughness in financial reporting and his daily contribution to the Company will be sorely missed."
Singleton further stated, "Going forward, Earthstone is finalizing our financial and reporting strategy to meet our future accounting needs. The Company expects to announce the appointment of an interim Principal Accounting Officer in the near future."
ABOUT EARTHSTONE ENERGY:
Earthstone Energy, Inc. is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Earthstone is currently traded on NASDAQ Capital Markets under the symbol ESTE. Information on Earthstone can be found at its web site: www.earthstoneenergy.com
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements can be identified by words such as "should," "may," "will," "anticipate," "expect," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Earthstone intends, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements also include comments regarding the selection of a interim Principal Accounting Office. Factors that could cause actual results to differ materially include availability of personnel, contract terms, compensation in addition to economic and political events affecting supply and demand for oil and gas and government regulations. These and other factors may be discussed in more detail in Earthstone's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed for March 31, 2010. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=46999176&symbol=ESTE
TechKim
13 years ago
Earthstone Energy Reports Year End North Dakota Update
Date : 03/16/2011 @ 8:00AM
Source : PR Newswire
Stock : Earthstone Energy, Inc. (MM) (ESTE)
http://ih.advfn.com/p.php?pid=nmona&article=46896402&symbol=ESTE
Earthstone Energy Reports Year End North Dakota Update
Earthstone Energy, Inc. (MM) (NASDAQ:ESTE)
Intraday Stock Chart
Today : Wednesday 16 March 2011
EARTHSTONE ENERGY, INC. (Nasdaq: ESTE) supplied an update of its recent North Dakota activity. During the past year the Company has participated in eight new horizontal wells in three distinct areas of North Dakota; the Banks Field, the Mondak Field and Indian Hill Field.
Banks Field, McKenzie County
In the Banks area, the Company participated in four wells; all of which were operated by Zenergy, Inc; a private company headquartered in Tulsa, Oklahoma. The Pederson #10-3H was drilled in April 2010 and is now both producing and no longer on confidential status. The well had an initial potential of 522 barrels of oil per day and has cumulative production of approximately 65,000 barrels of oil, 109,000 MCF of gas and 35,000 barrels of water. In February 2011, the well was re-entered to clean debris out the horizontal lateral of the well. Following this work, the well is producing approximately 350 barrels of oil per day. Earthstone has a 2.4 % working interest in this well.
The Ceynar 29-32H was drilled in November 2010. Efforts to complete and hydraulically stimulate the well were hampered by harsh winter conditions. As a result, the well has just recently been placed on production. The well is still on confidential status and an initial production rate has not been released by the Operator. However, the Company estimates that the well will have an initial potential of approximately 1,000 barrels of oil per day. Earthstone has a 0.132 % working interest in this well.
The A. Johnson 12-1H and the Berquist 33-28H are currently being drilled. Earthstone has a 0.084 % and 0.18% working interest in these wells, respectively. Both wells are expected to be on production by late May.
The Company previously reported that Brigham Exploration Company, Austin, TX, had purchased Panther Energy Company, LLC's, Tulsa, OK, interest in the Banks area. Brigham had previously indicated that they planned to drill two or more wells prior to the end of 2010. While that did not occur, Earthstone has recently received drilling proposals for two wells; the Garmin 19-18 #1H and the Enerud 9-4 #2H. Drilling is expected to begin on both wells by early summer. Earthstone expects to have less than 1% working interest in both wells.
Mondak Field, McKenzie County
In the Mondak Field, the Company participated in three wells; all of which were operated by XTO Energy, a subsidiary of ExxonMobil. The Mondak Federal 11X-14 was drilled and completed during our last fiscal year, but was not placed on production until April 2010. The well is no longer on confidential status. The well had an initial potential of 489 barrels of oil per day and has cumulative production of approximately 34,000 barrels of oil, 20,400 MCF of gas and 20,000 barrels of water. Earthstone has an 8.4 % working interest in this well.
The Mondak Federal 14X-11 was drilled, completed and placed on production during our last fiscal year. However, as previously reported, the Company did not learn it had an interest in the well until November 2010. As such, the capital expenditures for this well will be recognized in this fiscal year. The well had an initial potential of 1,175 barrels of oil per day and has cumulative production of approximately 57,000 barrels of oil, 36,000 MCF of gas and 38,000 barrels of water. Earthstone has a 2.2 % working interest in this well.
The Mondak Federal 24X-12 was drilled in October and November 2010. Efforts to complete and hydraulically stimulate the well were hampered by harsh winter conditions. As a result, the well has just recently been placed on production. The well is still on confidential status and an initial production rate has not been released by the Operator. However, the Company estimates that the well will have an initial potential of approximately 850 barrels of oil per day. Earthstone has a 2.8 % working interest in this well.
Indian Hill Field, McKenzie County
In the Indian Hill Field, Earthstone is participating in two wells; both of which are operated by SM Energy Company, Denver, CO. The Fossum 15-35H was drilled and completed between September and November 2010. The well is no longer on confidential status. The well had an initial potential of 674 barrels of oil per day and has cumulative production of approximately 30,000 barrels of oil, 17,000 MCF of gas and 24,000 barrels of water. Earthstone has a 0.27 % working interest in this well.
Earthstone has recently received a drilling proposal from SM Energy for one well; the Wold 15-33H. Drilling is expected to begin this month. Earthstone expects to have a 2.3% working interest in the well.
"With our fiscal year end rapidly approaching, we are pleased to provide this operational update," commented Ray Singleton, President of Earthstone. "The Company continues to pursue its strategy of drilling non-operated horizontal Bakken wells along with the acquisition of producing properties in the Montana and North Dakota portions of the Williston basin. In addition, Earthstone is evaluating two non-Bakken opportunities which could positively impact the Company's reserves and production."
Singleton further stated, "Regarding our future plans, the next few months should be exciting. With a number of efforts both underway and in the planning process, we anticipate in the coming year both exceeding last year's capital expenditures and increasing the Company's production and profitability."
ABOUT EARTHSTONE ENERGY:
Earthstone Energy, Inc. is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Earthstone is currently traded on NASDAQ Capital Markets under the symbol ESTE. Information on Earthstone can be found at its web site: www.earthstoneenergy.com
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements can be identified by words such as "should," "may," "will," "anticipate," "expect," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Earthstone intends, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements also include comments regarding the future importance of newly proposed, drilled or recompleted wells. Factors that could cause actual results to differ materially include availability of rigs and services, price volatility of oil and gas, estimated production rates and adjustments to ownership percentages in addition to economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Earthstone's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed for March 31, 2010. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=46896402&symbol=ESTE
TechKim
13 years ago
Earthstone Energy, Inc. Announces Effective Date of Reverse Stock Split
Date : 12/30/2010 @ 11:26AM
Source : PR Newswire
Stock : Earthstone Energy (BSIC)
http://ih.advfn.com/p.php?pid=nmona&article=45826784&symbol=BSIC
Earthstone Energy, Inc. Announces Effective Date of Reverse Stock Split
Earthstone Energy (OTCBB:BSIC)
Intraday Stock Chart
Today : Thursday 30 December 2010
Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc. (Earthstone, Basic or the Company) (OTC Bulletin Board: BSIC), reported that late yesterday, FINRA approved the Company's previously announced reverse stock split. The reverse split will take effect at the open of business January 3, 2011. As such, the last pre-split trading day will be tomorrow, December 31, 2010. The new symbol on January 3rd will be BSICD. The "D" will be appended to the Company's trading symbol for 20 business days including the effective date.
"We are pleased that FINRA was able to process this request so quickly given the impact of the holidays," commented Ray Singleton, President of Earthstone Energy, Inc. "We are nearing our goal to become listed on a national stock exchange and this step was one of the final remaining hurdles. In the coming weeks, we intend to issue updates as we complete the remaining prerequisites to achieve this objective."
Earthstone Energy, Inc. is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Earthstone Energy is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Earthstone Energy can be found at its web site: www.earthstoneenergy.com.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the future success of efforts to become listed on a national stock exchange. Circumstances that could cause actual results to differ materially include a number of factors that could occur prior to or during the listing approval process including; a reduction in the price or trading volume of the Company's stock, economic and political events, a change in exchange listing requirements or qualifications and a change in government regulations. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=45826784&symbol=BSIC
TechKim
13 years ago
Earthstone Energy, Inc. Provides Update on North Dakota Bakken Activities
Date : 12/16/2010 @ 8:30AM
Source : PR Newswire
Stock : Earthstone Energy (BSIC)
http://ih.advfn.com/p.php?pid=nmona&article=45681525&symbol=BSIC
Earthstone Energy, Inc. Provides Update on North Dakota Bakken Activities
Earthstone Energy (OTCBB:BSIC)
Intraday Stock Chart
Today : Thursday 16 December 2010
Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc. (Earthstone, Basic or the Company) (OTC Bulletin Board: BSIC), reported the status of three new Bakken wells that were in the planning stage in September when the wells were disclosed at its Annual Shareholder Meeting.
The Fossum 15-35H, located in the Indian Hill Field, McKenzie County, ND, has been drilled, completed and is producing. This horizontal Bakken well reached a total depth of 20,670 feet and is expected to cost a total of approximately $6.4 million for drilling and completion. The well is still on confidential status and an initial production rate has not been determined. However, the Company expects the well to have an initial production rate of over 1,000 barrels of oil per day. SM Energy, Inc., Denver, CO, is the operator of the well and Earthstone has a 0.2679% working interest.
The Ceynar 29-32H, located in the Banks Field, McKenzie County, ND, has been drilled horizontally in the Bakken formation and reached a total depth of 21,068 feet. The well's tank battery is currently being constructed in preparation to hydraulically stimulate the well. Zenergy, Inc., Tulsa, OK, is the operator of the well which is expected to cost a total of $7.0 million for drilling and completion. Earthstone has a 0.132% working interest in the well and is expected to be on production by mid-February 2011.
The Mondak Federal 24X-12 is a horizontal Bakken well located in the Mondak field, McKenzie County, ND. The well reached a total depth of 20,890 feet and is expected to cost a total of approximately $6.6 million for drilling and completion. The well's tank battery has been constructed and completion operations are currently underway. XTO Energy, Inc., Fort Worth, TX, is the operator of the well and Earthstone has a 2.7813% working interest. The well is expected to be on production by the end of January 2011.
In a surprise development, Earthstone was recently informed by XTO Energy, Inc. that due to a land ownership error, the Company has an interest in a third horizontal Bakken well in the Mondak field. This well, the Mondak Federal 14X-11, was drilled and completed in January and February 2010 and had an initial production rate of 1,175 barrels of oil per day and 684 MCF gas per day. To date, the well has cumulative production of over 45,000 barrels of oil and 25,000 MCF of gas. Earthstone now has a 2.1779% working interest in the well. The Company estimates its total cost for this well to be approximately $150,000 and estimates its share of cumulative production over the last eight months to have contributed over $50,000 toward payout of this cost.
Earthstone Energy, Inc. is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Earthstone Energy is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Earthstone Energy can be found at its web site: www.earthstoneenergy.com.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the future importance of newly drilled or recompleted wells. Factors that could cause actual results to differ materially include price volatility of oil and gas, estimated production rates and adjustments to ownership percentages in addition to economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=45681525&symbol=BSIC
TechKim
13 years ago
Earthstone Energy, Inc. Announces Reverse Stock Split.
Date : 12/15/2010 @ 12:37PM
Source : PR Newswire
Stock : Earthstone Energy (BSIC)
http://ih.advfn.com/p.php?pid=nmona&article=45669279&symbol=BSIC
Earthstone Energy, Inc. Announces Reverse Stock Split.
Earthstone Energy (OTCBB:BSIC)
Intraday Stock Chart
Today : Wednesday 15 December 2010
Earthstone Energy, Inc., formerly Basic Earth Science Systems, Inc. (Earthstone, Basic or the Company) (OTC Bulletin Board: BSIC), reported that yesterday the Company's Board of Directors (Board) authorized and approved a one for ten (1-for-10) reverse split of the Company's common stock. This action was taken pursuant to shareholder approval of Proposal #6 of its Proxy Statement at its Annual Meeting of Shareholders held on December 15, 2009. The Company now intends to proceed with actions necessary to implement this Board action. The Company expects the effective date of the reverse split to occur within the next two to three weeks and will provide further information as that date is finalized.
This action is expected to reduce the Company's 17 million issued and outstanding shares of common stock to approximately 1.7 million shares. In further action, the Board has approved a reduction in the number of the Company's authorized common stock from 32 million shares to 6.4 million shares. These two actions together will change the percentage of authorized shares that have been issued from approximately 53% to approximately 27%. In related actions, the Board also approved a reduction in the number of the Company's authorized preferred stock from 3 million shares to 600,000 shares. In addition, the Board voted to "round up" fractional shares of common stock rather than redeem fractional shares with cash. The Board took this action to reduce the administrative costs and burdens associated with the reverse split and therefore believes it is beneficial for all shareholders.
"We are pleased to announce this step, as it represents one of the final remaining hurdles in our quest to become listed on a national stock exchange," commented Ray Singleton, President of Earthstone Energy, Inc. "In the coming weeks, we intend to keep you updated as we complete the remaining prerequisites to achieve this goal."
Singleton continued, "At this time, we want to emphasize to all shareholders that this action, in and of itself, does not change their percentage ownership in the Company or the value of Earthstone stock in their portfolio. Furthermore, should the share price move down below the Company's net asset value per share, Earthstone has the authorization and capacity to buy back up to 1.1 million shares."
Stockholders of record as of the effective date of the reverse stock split will be sent a transmittal letter from Earthstone's transfer agent with instructions on how to exchange his or her certificate(s) (Old Certificates) for certificates representing the appropriate number of post-reverse stock split shares (New Certificates). The Company's transfer agent will act as the exchange agent in implementing the exchange of those certificates. No New Certificates will be issued to a stockholder until that stockholder has surrendered any or all applicable Old Certificates, together with a properly completed and executed letter of transmittal, to the transfer agent. Any Old Certificates submitted for exchange, whether because of a sale, transfer or other disposition of stock, will automatically be exchanged for New Certificates. If an Old Certificate has a restrictive legend noted on the Old Certificate(s), the New Certificate(s) will be issued with the same restrictive legends noted on the New Certificate(s) unless that legend is no longer effective because of the passage of time. Stockholders are not required to exchange Old Certificates for New Certificates and should not destroy any Old Certificate(s). Any Old Certificate(s) not subject to restrictive legend, will still be valid for trading and submission to banks, brokers or other nominees for trading, but will be adjusted to reflect the appropriate number of post-reverse stock split shares by that bank, broker or other nominee for use in trading.
Banks, brokers or other nominees are instructed to effect the reverse stock split for their beneficial holders holding the shares of common stock in "street name" in the same manner as registered stockholders whose shares of common stock are registered in their names. Since these banks, brokers or other nominees may have different procedures than registered stockholders for processing the reverse stock split, any stockholder who holds shares of common stock with a bank, broker or other nominee and has any questions in this regard are encouraged to contact their bank, broker or other nominee.
The Company recently changed its stock transfer agent from Corporate Stock Transfer to First American Stock Transfer. First American can be contacted at 877-271-0548 and is located at 4747 N. 7th Street, Ste. 107, Phoenix, AZ 85014.
Earthstone Energy, Inc. is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area. Earthstone Energy is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Earthstone Energy can be found at its web site: www.earthstoneenergy.com.
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements also include comments regarding the future success of efforts to become listed on a national stock exchange and the effect a reverse split may have on the Company's stock price. Factors that could cause actual results to differ materially include a number of factors that could occur prior to or during the listing approval process including; a reduction in the price or trading volume of the Company's stock, economic and political events, a change in exchange listing requirements or qualifications and a change in government regulations. The Company disclaims any obligation to update forward-looking statements.
SOURCE Earthstone Energy, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=45669279&symbol=BSIC
HDOGTX
14 years ago
BSIC 8k Earthstone Energy Reports On Developments In North Dakota
On Thursday September 23, 2010, 10:00 am EDT
DENVER, Sept. 23 -- EARTHSTONE ENERGY, INC. (OTC Bulletin Board: BSIC.ob ) reported Panther Energy Company, LLC, its majority partner in the Banks Field, has sold its interest in the field, comprising nearly thirteen thousand gross mineral acres, to Brigham Exploration Company. This sale does not affect Earthstone's leasehold rights in the area and Earthstone expects to retain its oil and gas interests. As in the past Earthstone intends to participate in new wells proposed by Brigham, or others, that "pool or space" our leasehold rights within spacing units they operate.
"We are not just excited by this development, we are ecstatic," commented Ray Singleton, president of Earthstone. "Brigham is on the forefront of the application of new stimulation technology in Bakken wells and has been instrumental in demonstrating the economic viability of this area of the Williston basin. With Brigham now involved, we expect the pace of development to heat up. Based on conversations with Brigham, we anticipate drilling one well, possibly two, on this acreage before the end of the calendar year."
Singleton continued, "In related news, the Pederson 10-3H, our newest well in the Banks Field, has been completed and placed on production. However, because of high gas sales line pressure, the well has been unable to produce at full capacity without flaring natural gas. As a result, production from the well has been 'throttled back' to conserve this resource. Production from the well, which is expected to come off confidential status next week, is estimated to report an initial production rate of approximately 500 barrels of oil and 200 MCF of gas per day. In addition, Zenergy is planning a new well in the Banks Field, the Ceynar 29-32H. Earthstone has a small interest in the well which is expected to commence within the next 30 days."
"In Indian Hill Field, the Company is currently involved in SM Energy Company's Fossum 15-35H. The well is currently drilling horizontally at approximately 19,500 feet and results are encouraging. Earthstone has only a small interest in the well."
Earthstone Energy is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the onshore Gulf Coast area. Earthstone is traded on the Over The Counter Bulletin Board under the symbol BSIC. Information on Earthstone can be found at its web site: www.earthstoneenergy.com .
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements, which can be identified by words such as: "should," "may," "will," "anticipate," "expect," "estimate," "continue," "believe," or other comparable words. Forward-looking statements also include comments regarding reserve additions, production increases, success of drilling projects or the closing of acquisitions, assumptions regarding future success or the success of certain strategies. Factors that could cause actual results to differ materially include price volatility of oil and gas, economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Basic Earth's filings with the Securities and Exchange Commission particularly the Company's Annual Report on Form 10-K filed for March 31, 2010. The Company disclaims any obligation to update forward-looking statements.
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