Earthstone Energy, Inc., an independent oil and gas exploration and production company, focuses on the acquisition, exploration, development, and production of onshore crude oil and natural gas reserves in the United States. Its properties are primarily located in the Eagle Ford shale trend of south Texas and in the Williston Basin of North Dakota and Montana. As of December 31, 2014, the company operated 49 gross Eagle Ford wells and 5 gross Austin Chalk wells, as well as had 22,192 thousand barrels of oil equivalent (MBOE) of total proved reserves, 9,800 MBOE of proved developed reserves, and 12,392 MBOE of proved undeveloped reserves. Earthstone Energy, Inc. was founded in 1969 and is hea...
1400 Woodloch Forest Drive
The Woodlands, TX 77380
Founded in 1969
Earthstone Energy, Inc. Enters into First Amendment to Credit Agreement
Dec 4 15
On December 1, 2015, Earthstone Energy, Inc. entered into a First Amendment to Credit Agreement amending the Credit Agreement dated as of December 19, 2014 among the Company, BOKF, NA dba Bank of Texas, a national banking association, as Administrative Agent and Lead Arranger, Wells Fargo Bank, National Association, as Syndication Agent and the lenders party thereto. The First Amendment modifies the following provisions of the Credit Agreement: the applicable margin rates; the definition of EBITDAX; and the commitment fee.
Earthstone Energy, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Announces Production Results for the Third Quarter Ended September 30, 2015
Nov 13 15
Earthstone Energy, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company's total revenues were $13,080,000 compared to $12,055,000 a year ago. Loss from operations was $2,595,000 compared to income from operations of $1,851,000 a year ago. Income before income taxes was $2,529,000 compared to $4,214,000 a year ago. Net income was $1,718,000 compared to $4,214,000 a year ago. Diluted net income per common share was $0.12 compared to $0.46 a year ago. Adjusted Revenue (including realized hedge settlements) was $14,821,000 compared to $12,175,000 a year ago. Adjusted EBITDAX was $7,536,000 compared to $7,420,000 a year ago.
For the nine months, the company's total revenues were $41,133,000 compared to $35,886,000 a year ago. Loss from operations was $4,612,000 compared to income from operations of $8,714,000 a year ago. Loss before income taxes was $213,000 compared to income before income taxes of $8,484,000 a year ago. Net loss was $144,000 compared to net income of $8,484,000 a year ago. Diluted net loss per common share was $0.01 compared to income per share of $0.93 a year ago. Net cash provided by operating activities was $4,305,000 compared to $61,850,000 a year ago. Acquisitions of oil and gas property was $8,706,000. Additions to oil and gas property and equipment was $57,705,000 compared to $54,537,000 a year ago. Additions to other property and equipment was $328,000 compared to $576,000 a year ago.
The company also announced production results for the third quarter ended September 30, 2015. For the quarter, the company's oil (MBbls) was 246 compared to 95 a year ago. Gas (MMcf) was 742 compared to 521 a year ago. NGL (MBbls) was 58 compared to 32 a year ago. Total (MBOE) was 428 compared to 214 a year ago. Total daily production (BOEPD) was 4,646 compared to 2,327 a year ago.