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Earthstone to Maintain One Midland Basin Rig; Talks Pad Drilling Results

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   |    Thursday,October 19,2017

[Summay: Earthstone Energy reported its Q3 2017 results.

Highlights:

• Q3 2017 Production: 9,671 Boepd (63% oil, 82% liquids), with approximately 6,492 Boepd (62% oil, 83% liquids) coming from the Midland Basin

• Earthstone is currently operating a one rig program in the Midland Basin of west Texas and plans to maintain a one rig program throughout the remainder of 2017 and into 2018

Midland Basin Well Activity:

The Company recently completed drilling its seventh Midland Basin well, the Bold WTG Unit 5-234 B #3HM (100% working interest) located in Reagan County.

The Company now has a rig on the Hartgrove Unit 22 pad (60% working interest) and is drilling the first of two wells on this pad in Reagan County. After drilling this pad, the rig will likely be moved to Midland County to drill a two well pad.

TSRH Unit 28S #4, #5, and #6

• The Company has recently completed the three well pad containing the TSRH Unit 28S #4, #5, and #6 (100% working interest) in Reagan County. The #4 and #6 wells were completed in the Wolfcamp Upper B, while the #5 well was completed in the Wolfcamp Lower B. These three wells average 7,585 feet of lateral and on average were completed with 47 stages and 2,437 pounds per foot of proppant.

• The wells have been online for less than 30 days and are expected to reach peak rate within the next 30 days. There are currently five wells waiting on completion for which the Company plans to initiate completion operations in November.