|By Marketwired .||
|June 10, 2014 02:41 PM EDT||
DENVER, CO -- (Marketwired) -- 06/10/14 -- Earthstone Energy, Inc. (NYSE MKT: ESTE) (Earthstone or the Company) reported net income of $3,939,000, or $2.27 per diluted share, on revenue of approximately $17.5 million for the fiscal year end March 31, 2014 (2014). This compares with net income of $1,780,000, or $1.03 per diluted share, on revenue of approximately $11.4 million for the fiscal year end March 31, 2013 (2013). The $6.1 million (54%) increase in revenue and $2.2 million (121%) increase in net income was primarily due to significantly higher oil and natural gas sales volumes and higher oil and natural gas prices. Other factors which contributed to our annual results are disclosed in the Company's Form 10-K for the fiscal year ended March 31, 2014.
"We are pleased and proud to report a year with strong growth in reserves, production, revenue and earnings. It was also a year where the results of our exit from Colorado and our strategy to redeploy capital into our Bakken acreage became apparent," commented Ray Singleton, President of Earthstone Energy. "There are a number of bright spots to highlight. First, with both BOE sale volumes and prices increasing 46% and 9%, respectively, our oil and gas revenues have increased nearly 59%. This has yielded an approximate 121% increase in net income and earnings per share over the prior year. Just as important, our EBITDA increased from nearly $4.1 million to over $9.1 million, a 125% increase."
Singleton continued, "Drilling and completion efforts have led to a 27% increase in Proved Developed Producing (PDP) reserves. As a result, we replaced the reserves that were produced this last year with new reserves by 290%. As new wells are drilled and placed on production, their reserves are moved from Proved Undeveloped (PUD) reserves to PDP reserves which tends to reduces our inventory of PUD reserves. However, these new producing wells add surrounding locations to our PUD reserves. After accounting for the transfers out of PUDs and incoming offset locations, overall, we replaced substantially all of the PUD transfers with new PUD reserves. More precisely, PUD reserves only declined by 2.6%."
"Last year, while Statoil decreased the number of active rigs in our area of the Banks Field, Continental Resources increased their efforts in Indian Hill Field. As a result, our overall capital expenditures last year remained relatively unchanged. Since year end, we have commenced drilling nine new wells. In addition, two new well completions, undertaken during the spring, are now on production. Finally, we are completing, or waiting on completion, on seven wells."
Singleton further stated, "The Company's previously announced strategic combination with Oak Valley Resources, LLC is proceeding as planned. We have received encouraging comments from both shareholders and the market. Barring unforeseen difficulties, we anticipate having our proxy statement submitted to the SEC for approval within the next three to four weeks. Depending on the SEC's response, we expect to have our special shareholder meeting in September or October where we hope to receive approval of the transaction."
"If approved, this transaction should be a 'game changer' for Earthstone; effectively facilitating a quantum leap in market capitalization and market stature. With a strong cash balance and line of credit, we expect to see a continuation of Oak Valley's two-rig drilling program in the Eagle Ford shale. We also anticipate seeing a continuation of our horizontal Bakken drilling program in the Banks Field and surrounding areas. With a fully-staffed team of experienced industry professionals, we expect to evaluate, and hope to secure additional Bakken assets to undertake an operated drilling program in the Williston. Similar efforts are underway to enhance Oak Valley's position in the Eagle Ford and pursue other resource plays in the Rockies."
"As before, our goal is to grow. During the past year, we have seen our strategy, and our previous decisions, yield an increase in our performance across the board. We believe that our decision to join Oak Valley will also have a significant impact on our performance and growth. We are optimistic of what our future holds and that our current efforts, along with the Oak Valley transaction, will continue to position us in areas that will have a significant, positive impact on shareholder value."
Financial Highlights Year Ended March 31 2014 2013 ------------ ------------ Revenue $ 17,514,000 $ 11,378,000 Net income $ 3,939,000 $ 1,780,000 Basic net income per share $ 2.27 $ 1.03 Diluted net income per share $ 2.27 $ 1.03 Weighted avg. number of shares outstanding, Basic 1,731,812 1,720,712 Weighted avg. number of shares outstanding, Diluted 1,731,812 1,720,712
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 south 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. Such forward-looking statements, which can be identified by words such as: "should", "may", "intend", "will", "anticipate", "plan", "expect", "estimate", "continue", "believe", or other comparable words. Forward-looking statements also include comments regarding reserve additions, production increases, success of drilling projects, assumptions regarding future success or the success of certain strategies. Factors that could cause actual results to differ materially include price volatility of oil and gas, 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 particularly the Company's Annual Report on Form 10-K filed for the year ended March 31, 2014. The Company disclaims any obligation to update forward-looking statements.
303-296-3076, ext. 102
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 22, 2017 01:45 PM EST Reads: 3,213
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jan. 22, 2017 01:00 PM EST Reads: 3,831
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 22, 2017 01:00 PM EST Reads: 4,385
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 22, 2017 12:45 PM EST Reads: 1,680
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 22, 2017 12:00 PM EST Reads: 3,629
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jan. 22, 2017 12:00 PM EST Reads: 4,151
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 22, 2017 11:45 AM EST Reads: 2,963
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 22, 2017 11:45 AM EST Reads: 6,445
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Jan. 22, 2017 11:30 AM EST Reads: 3,706
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 22, 2017 09:30 AM EST Reads: 4,760
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 22, 2017 09:30 AM EST Reads: 3,012
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 22, 2017 08:30 AM EST Reads: 967
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 22, 2017 08:30 AM EST Reads: 4,992
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Jan. 22, 2017 07:15 AM EST Reads: 1,970
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Jan. 22, 2017 06:30 AM EST Reads: 5,588