|By Marketwired .||
|February 8, 2013 05:01 PM EST||
DENVER, CO -- (Marketwire) -- 02/08/13 -- EARTHSTONE ENERGY, INC. (NYSE MKT: ESTE) reported net income of $370,000, $0.22 per diluted share, on revenue of $2.8 million for the third quarter of fiscal 2013 compared to net income of $1,152,000, $0.68 per diluted share, on revenue of $3.9 million for the third quarter of fiscal 2012. For the nine months ending December 2012, the Company reported net income of $1,126,000, $0.65 per diluted share, on revenue of $8.0 million compared to net income of $2,545,000, $1.49 per diluted share, on revenue of $8.9 million for the same period ended December 2011. Total revenue and net income decreased $1,032,000 (27%) and $782,000 (68%), respectively, from the comparable three month prior year period. These results were due to both decreases in oil and gas prices and oil and gas sales volumes in 2013 as compared to 2012. In addition, total revenue and net income declined as the result of the sale of a group of Colorado properties in the comparable prior year period that did not contribute to this quarter coupled with an uncharacteristic, one-time, positive revenue adjustment that occurred in the 3rd quarter of fiscal 2012. Other factors which contributed to our quarterly results are disclosed in the Company's most recent Form 10-Q.
"The results for this quarter were predictable given the dynamics of our operational transition to a very active drilling program in our North Dakota Bakken project," commented Ray Singleton, President of Earthstone. "Expected production increases from horizontal wells in North Dakota were masked by the absence of revenue and income from our Colorado wells. Nevertheless, the sale of the Colorado properties last year was instrumental in raising the cash to fund these ongoing Bakken efforts. Furthermore, production and revenues from our Bakken wells have been delayed following the shift to multiple well 'pad drilling' in our North Dakota Bakken project. This strategy shift has significantly reduced costs, but has lengthened the time frame from the commencement of drilling to establishing production. Finally, declining oil prices relative to the fiscal 2012 quarter had a noticeable effect on revenue."
Singleton continued, "Moving forward, we believe the anticipated production from our recent drilling program should begin to be realized in the current quarter and we anticipate further recognition in the quarter ending June 30, 2013. In addition we expect a new surge in drilling activity as our partners implement their calendar 2013 budgets. In an effort to achieve continued long-term growth, the Company continues to pursue its strategy of drilling non-operated, horizontal Bakken wells where we have built the foundation for production growth. We are excited, as the investments we made in growth projects in past years are expected to benefit the Company in the future."
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 "could," "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 assumptions regarding production rates and growth, operating costs, reduction of operation costs, commodity prices, industry outlook, future drilling activities, acquisitions and industry opportunities. Factors that could cause actual results to differ materially include availability of rigs and services, price volatility of oil and gas, estimated production rates and adjustments to ownership percentages in addition to economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production 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 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.
FINANCIAL HIGHLIGHTS Nine Months Ended Three Months Ended December 31, December 31, ------------------------ ----------------------- 2012 2011 2012 2011 ----------- ------------ ----------- ----------- Revenue $ 7,990,000 $ 8,936,000 $ 2,834,000 $ 3,866,000 ----------- ------------ ----------- ----------- Net income $ 1,126,000 $ 2,545,000 $ 370,000 $ 1,152,000 =========== ============ =========== =========== Basic net income per share $ 0.65 $ 1.49 $ 0.22 $ 0.68 Diluted net income per share $ 0.65 $ 1.49 $ 0.22 $ 0.68 Weighted avg. number of shares outstanding, basic 1,720,712 1,710,035 1,720,712 1,706,588 Weighted avg. number of shares outstanding, diluted 1,710,035 1,710.035 1,706,588 1,706,588
303-296-3076, ext. 102
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Dec. 1, 2015 01:15 PM EST Reads: 303
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
Dec. 1, 2015 12:35 PM EST
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 12:15 PM EST
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Dec. 1, 2015 12:00 PM EST Reads: 230
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Dec. 1, 2015 12:00 PM EST Reads: 306
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Dec. 1, 2015 11:45 AM EST Reads: 373
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Dec. 1, 2015 11:45 AM EST Reads: 473
Actifio is powering new application development and testing services from Net3 Technologies (N3T), a managed cloud services provider. N3T's new Symmetry DevOps™ service builds on its existing Palmetto Virtual Data Center (PvDC) Cloud services for data backup and disaster recovery (DR) based on the Actifio Copy Data Virtualization platform. Previously, N3T's data protection and DR services were challenged by overlapping and inefficient legacy hardware and software platforms from multiple vendo...
Dec. 1, 2015 11:30 AM EST
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 11:00 AM EST Reads: 138
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Dec. 1, 2015 11:00 AM EST Reads: 514
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Dec. 1, 2015 10:45 AM EST Reads: 131
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Dec. 1, 2015 10:19 AM EST
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Dec. 1, 2015 10:00 AM EST Reads: 577
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Dec. 1, 2015 09:00 AM EST Reads: 482
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Dec. 1, 2015 08:00 AM EST Reads: 396