EARTHSTONE ENERGY, INC. (NYSE MKT: ESTE) reported that,
effective as of December 11, 2012, James M. Poage resigned as the
Company's interim Chief Financial Officer. Mr. Poage cited other
business opportunities for his resignation and had no disagreements with
the Company. Mr. Poage is expected to continue his association with the
Company; primarily in the area of SOX compliance.
Following this development, on December 12, 2012, the Company's Board of
Directors appointed Paul D. Maniscalco to be the Company's interim Chief
Financial Officer. Since 2006, Mr. Maniscalco has been a Principal with
SJM Financial and Accounting, an accounting and business advisory
services firm, located in Englewood, Colorado. Prior to joining SJM, Mr.
Maniscalco was a Senior Audit Manager with Sherb & Co., LLP located in
Boca Raton, Florida. Mr. Maniscalco has Big 4 as well as regional CPA
firm background and is experienced in financial statement preparation,
SEC reporting, corporate governance, financial analysis and due
diligence. Mr. Maniscalco currently works with several E&P industry
entities.
"We greatly appreciate the year and a half of service Mr. Poage provided
us as interim CFO," commented Ray Singleton, President of
Earthstone. "His personal dedication and willingness to take on this
position on short notice was crucial in bringing us to this point. We
are pleased that he will continue to be associated with the Company.
"We are excited to add Mr. Maniscalco to our team in the role of interim
Chief Financial Officer," Singleton continued. "He brings a wealth of
industry experience and knowledge to our reporting efforts. Mr.
Maniscalco became associated with the Company last quarter when he
participated in the preparation and review of last quarter's Form
10-Q. We look forward to his future contributions."
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 southern Texas. Earthstone is currently traded on
NYSE MKT 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 contributions of
various personnel. Factors that could cause actual results to differ
materially include, contract terms and compensation in addition to
economic and political events affecting supply and demand for oil and
gas 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
filed for March 31, 2012 and Quarterly Reports on Form 10-Q for the
three and six months ended June 30, 2012 and September 30, 2012,
respectively. The Company disclaims any obligation to update
forward-looking statements.
