Earthstone Energy Provides Update on North Dakota Operations

EARTHSTONE ENERGY ESTE reported that it has executed documents to participate in drilling twelve new horizontal Bakken wells. Ten of these wells, Sax 25-36 #1H, Beaux 18-19 1H, Maston 34-27 #1H, Johnston 7-6 1H, Cheryl 17-20 #1H, Cheryl 17-20 2TFH, Cheryl 17-20 #3TFH, Jay 24-13 #1H, Nelson 11-2H and Polk 1-33H, in which Earthstone has working interests of 6.50%, 3.28%, 3.44%, 3.31%, 2.64%, 2.64%, 2.64%, 1.77%, 2.64% and 1.47%, respectively, are located in the Banks Field. The Polk 1-33H is operated by Continental Resources, and Nelson 11-2H by Zenergy, while the other eight wells are operated by Brigham. The remaining two wells, Berkner Federal 5602 43-11H and Milton Gunther 14-9H, in which Earthstone has working interests of 1.10% and 0.62%, respectively, are located in the Bonetrail and Bailey Fields. These two wells are operated by Oasis and Marathon, respectively. In related news, five previously announced wells in the Banks Field, in which Earthstone is participating with Brigham, have come off of confidential status. Earthstone has a 5.52% working interest in Enderud 9-4 2H, which reported an initial production rate of 3,166 barrels of oil and 6,736 Mcfs of natural gas. The Banks State 16-21 1-H, in which Earthstone has a 3.39% working interest, reported an initial production rate of 3,179 barrels of oil and 6,591 Mcfs of natural gas. The Topaz 20-17 1H, in which Earthstone has a 3.06% working interest, has established an initial production rate of 2,575 barrels of oil and 7,696 MCF gas. Most recently off of confidential status is Broderson 30-31 1H, in which Earthstone has a 4.94% working interest and has reported an initial production rate of 1,430 barrels of oil and 3,544 Mcfs of natural gas. Additionally, Brigham has hydraulically stimulated Garmann 19-18 1H, in which Earthstone has a 2.61% working interest; however, the well is not yet on production. Last of the five wells is Samson 29-32 #1H, with a 5.36% working interest. Presently, Brigham is developing a strategy to address a casing failure revealed while completing this well.