In its yearend earnings release, Earthstone Energy (ticker: ESTE) reported average daily production of 2,416 BOEPD, a 20% increase over 2013; it reported oil, natural gas, and NGL sales of $47.6 million, a 61% increase over 2013, Adjusted EBITDAX of $28.5 million, representing a 121% increase over 2013, and PV-10 of $344.8 million, a 175% increase from 2013.
Frank A. Lodzinski, President and Chief Executive Officer of Earthstone Energy, said in the company’s Q4 release that it had achieved this growth in only two years through a combination of development drilling, asset acquisitions and corporate M&A activities.
Lodzinski said the company’s goals include continued development of current assets and expansion of additional acreage positions. He said the company would continue to pursue M&A opportunities “aggressively but prudently.”
Earthstone’s property portfolio includes activities in the Eagle Ford trend of South Texas and in the Williston Basin in both North Dakota and Montana, including almost 38,000 net Eagle Ford and Bakken acres. In its recent investor presentation, management estimated the company has a total of approximately 783 gross drilling locations, with an average working interest of 25%.
In its April presentation, the company projects its 2015 capital spend at $85 million, allocating $72 million to drilling and completions and $13 million to land. The company earmarked 70% of its drilling and completion budget for its operated Eagle Ford – Gonzales/Fayette County properties ($38 million) and its Non-Operated Bakken properties ($12 million).
ESTE Launches New Website
To highlight the company to investors, Earthstone has launched a new website.
The new website, created by EnerCom, was designed to deliver corporate, financial and operations information within an updated design scheme, employing a content management system that lends itself to easy updates. The website delivers many ease-of-use features including right-hand navigation near the scroll bar. The new site also features a robust Investor Relations section providing easy access to all public company documentation.
The company’s April investor presentation may be accessed here.
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