Earthstone Energy Reports 2016 Q3
Earthstone Energy announces third quarter results including initiating the completion of its 12-well Eagle Ford inventory.
Related: Earthstone Energy Looks to Resume Eagle Ford Activity
In May, Earthstone Energy allotted $4.0 million to spend on the Eagle Ford. Over the last three months, the company utilized that capitol to initiate the completion of 12 (5.3 net) Eagle Ford wells, which should be complete by the end of 2016. The company also brought four wells on-line in Karnes County and two wells within Fayette County.
Earthstone executives commented that they plan to re-establish our Eagle Ford drilling program early next year in southwestern Gonzales County that has the potential for 30 gross wells.
“Our accomplishments in the first half of 2016 have positioned us nicely to continue our growth in the second half of 2016. We are completing our 12-well Eagle Ford inventory and participating in a Wolfcamp well in Howard County which will lead to production growth in the fourth quarter of 2016 and first quarter of 2017. In addition, pending commodity prices, we anticipate resuming our operated Eagle Ford drilling program in the first quarter of 2017 in southwestern Gonzales County.”
Third Quarter 2016 Summary
- Average daily production of 3,979 Boepd
- Total revenue of $11.1 million, which includes the effects of realized hedges
- Net loss of $3.9 million
- Adjusted EBITDAX(1) of $2.8 million