Welcome!

News Feed Item

Earthstone Energy Reports 3rd Quarter Results

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

CONTACT:
Ray Singleton
303-296-3076, ext. 102


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...