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Earthstone Energy Awaits Results of Webb County Well

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   |    Monday,June 09,2014

Earthstone Energy, Inc. has reported that the Company re-commenced completion operations last week on the WCNU #126.

The #126 well, which was previously unproductive in the lower Mirando Sand, was acid stimulated a week ago to enhance fluid production.

Testing will commence this week to determine if the stimulation improved the well's productive capacity from this lower zone.

While the WCNU #126 is being tested, the other two wells, the WCNU #124 and WCNU #125, remain partially completed and shut-in; awaiting the results of the #126.

The Company previously reported that it drilled three new wells in late March and early April of this year in the West Cole North Unit (the North Unit), located in Webb County, Texas. The North Unit currently generates approximately 10% of the Company's oil production and revenue. Earthstone is the Operator and has a 96% working interest in the North Unit.

Ray Singleton, President of Earthstone, said: "We have received numerous phone calls concerning some erroneous information on our operations in south Texas."

These three new wells have not, and are not, producing. It seems that someone is circulating exaggerated production claims and/or is challenged to understand the production reported on the Texas RRC website. Shareholders and potential investors are encouraged to read previous press releases on our south Texas efforts. Once again, these three new wells have not, and are not, producing."