EARTHSTONE ENERGY, INC. (NYSE MKT: ESTE) reported that the
Company has commenced drilling operations on its first deep
Pennsylvanian test in Cheyenne County, Nebraska. The well is expected to
reach its projected total depth of approximately 6,500 feet by
mid-July. The Schmale 34-20 is located in Sec 20, Township 15 North
Range 47 West, Cheyenne County, Nebraska. As previously disclosed, the
Company has acquired approximately 70 square miles of 3D seismic data
and 30,000 acres of leasehold; primarily in Cheyenne County. The Company
anticipates drilling one or two more wells over the next 18 months to
enhance its geologic model. Earthstone will be the Operator and has a
45% working interest in this venture.
"We are pleased to announce the beginning of drilling operations on our
newest project," commented Ray Singleton, President of
Earthstone. "Regardless of the outcome of this first well, the knowledge
and data that we gain will refine our understanding of the geology and
geophysics in these deeper formations. None the less, we are encouraged
by many positive attributes of this specific location and are optimistic
about what we may find here. We anticipate that these efforts will
positively impact production and reserves and have a meaningful impact
on the value of the Company."
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, 2013. The Company disclaims any obligation to update
forward-looking statements.
