Earthstone Energy, Inc. Announces Additional Montana Acquisition
Earthstone Energy INC. (Nasdaq: ESTE) reported that it has acquired an interest in another producing well in Montana. The Onstad 22-14 is located in the Divide Field in Sheridan County.
The well has been shut-in for over three years, but produced approximately 15 to 20 barrels of oil per day when it was running. Earthstone acquired a 25% working interest in the well for approximately $38,000. Because of water production, the well is economically marginal; the majority of purchased value lying in capital equipment and Bakken lease rights.
The spacing unit associated with the well is 320 acres. The Company previously disclosed the purchase of five producing wells in Sheridan County in January 2011.
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