Earthstone Energy, Inc. (ticker: ESTE) will present at the EnerCom Dallas investment conference Feb. 21-22, 2018 at the Tower Club in downtown Dallas.
Earthstone Energy is an independent company that develops and operates oil and gas properties primarily in the Midland Basin of West Texas, the Eagle Ford trend of south Texas and the Williston Basin of North Dakota.
The company owns approximately 49,300 net acres with 26,900 net acres in the Midland Basin. Overall, Earthstone Energy has 66.1 MMBoe in reserves, 654 gross producing wells and 992 gross drilling locations.
Highlights from the company’s Q3 2017 include an average daily production of 9,671 BOEPD, net income of $4 million and total revenue of $31.3 million. Recent drilling activity includes 11 gross wells in the Eagle Ford and joint development agreements with IOG Capital will fund a majority of Earthstone’s capital expenditures for a 50% interest in 13 wells in the Eagle Ford (11 were drilled and completed in 2017).
Earthstone Energy recently sold its Bakken assets for $27 million and increased its borrowing base from $150 million to $185 million. The company used the proceeds from the sale to pay down debt under its secured revolving credit facility. Selling its Bakken assets has allowed the company to shift its emphasis toward becoming primarily a Midland Basin operator. In Q3, the Midland assets produced 6,492 BOEPD, whereas the Bakken produced 1,021 BOEPD.
Over 70% of Earthstone Energy’s Midland horizontal locations have laterals of ~7,000 feet or greater. Out of 677 gross locations, there are 224 locations with 10,000 foot laterals.
EnerCom Dallas conference details
Registration for EnerCom Dallas is now open. EnerCom Dallas is a financial conference that allows institutional investors an early 2018 opportunity to hear and meet CEOs from leading independent E&Ps, including some of the industry’s leading Permian, Eagle Ford, Marcellus, Utica and Canadian producers and the oilfield service companies supporting them.
