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Despite Bakken Shut-Ins, Earthstone Ups Production 61%
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Earthstone Energy Inc. reported net income of $693,000, or $0.40 per diluted share, on revenue of $3,595,000 for the first quarter of fiscal 2014, ended June 30, 2013 (2013).
This compares to net income of $270,000, or $0.16 per diluted share, on revenue of $2,347,000 for the first quarter of fiscal 2013, ended June 30, 2012 (2012). Total revenue and net income increased $1,248,000 (53%) and $423,000 (157%), respectively, from 2012.
These increases were due to both higher oil and gas sales volumes and higher oil and natural gas prices in 2013 relative to 2012. Other factors which contributed to the quarterly results are disclosed in the Company's most recent Form 10-Q.
Ray Singleton, President of Earthstone, commented: "Certainly, a nice quarter. Despite having several of our new Bakken…
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