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Earthstone Plans to Exceed Last Year's Capital Expenditures
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Earthstone Energy Inc. reported net income of $1,224,000, or $0.71 per diluted share, for the second quarter of fiscal 2014, ended September 30, 2013.
Ray Singleton, President of Earthstone, said "It is certainly nice to see the results of our recent drilling efforts come to fruition.
It was simply an outstanding quarter. We posted solid gains across the board; volume sales, revenue and net income. Notably, BOE (barrels, oil equivalent) sales were up nearly 43% and our year-to-date EBITDA increased 148% over the same period last year. Compared to the trailing quarter, BOE sales were up nearly 25% and our 2nd quarter EBITDA increased 55% over the trailing quarter EBITDA. For the first six months of this fiscal year, capital deployment on oil and gas properties increased 54% on an accrual…
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