|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
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 27, 2016 03:15 AM EDT Reads: 1,751
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 27, 2016 02:30 AM EDT Reads: 1,993
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 27, 2016 01:45 AM EDT Reads: 1,720
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 27, 2016 01:30 AM EDT Reads: 2,064
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 27, 2016 01:15 AM EDT Reads: 1,998
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 27, 2016 12:45 AM EDT Reads: 2,929
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 27, 2016 12:45 AM EDT Reads: 2,143
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 27, 2016 12:15 AM EDT Reads: 2,268
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 26, 2016 10:45 PM EDT Reads: 2,065
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 26, 2016 10:00 PM EDT Reads: 1,853
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 26, 2016 09:15 PM EDT Reads: 1,432
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Aug. 26, 2016 07:15 PM EDT Reads: 429
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 26, 2016 07:00 PM EDT Reads: 722
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 26, 2016 07:00 PM EDT Reads: 663
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 26, 2016 06:00 PM EDT Reads: 1,936