Earthstone Energy, Inc. has resumed its Eagle Ford development program and announces plans for rest of the year.
Related: Lonestar Resources Q1: Strong Production Growth
Earthstone Energy recently announced its first quarter results, including an average daily production of approximately approximately 9,515 Boepd (66% oil, 81% liquids). Capital expenditures for the quarter totaled approximately $4.2 million.
The Woodlands-based company also reported it resumed its Eagle Ford development program in March. Plans for the rest of 2017 include drilling and completing 11 gross / 4.8 net wells in Gonzales County in 2017 at an estimated total net cost of $23.0 million.
In a quarterly earnings call, Earthstone executives spoke primarily about their newly acquired assets in the Midland Basin, where the company has 27,000 net acres and is running one rig.
“Going forward, we continue to focus on our cost structure as we execute our development program and will actively evaluate acquisition opportunities to further expand our operated acreage and production. As many of you know we tend to operate the vast majority of our assets and that is our clear focus while generating attractive economics.”