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Earthstone Energy Reports Incorrect SEC Form 13F Filing by Institutional Holder

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Earthstone Energy, Inc. (NYSE:ESTE) ("Earthstone") announced that a
Securities and Exchange Commission ("SEC") Form 13F filing made on
August 13, 2018 by EnCap Energy Capital Fund IX, L.P. ("Fund IX")
incorrectly stated that Fund IX held 36,070,828 shares of Earthstone
Class A Common Stock. EnCap Partners GP, LLC ("EnCap"), the sole general
partner of Fund IX, has confirmed to us that there have been no changes
to Fund IX's ownership of 33,956,524 shares of Earthstone Class B Common
Stock, as shown in a Prospectus Supplement filed with the SEC on June
29, 2018. Further, EnCap advised that Fund IX will promptly file a
corrected Form 13F.

About Earthstone Energy, Inc.

Earthstone Energy, Inc. is a growth-oriented, independent energy company
engaged in the development and operation of oil and natural gas
properties. Its primary assets are located in the Midland Basin of west
Texas and the Eagle Ford Trend of south Texas. Earthstone is listed on
the New York Stock Exchange under the symbol "ESTE." For more
information, visit the Company's website at www.earthstoneenergy.com.

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