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Earthstone Ramps Up Eagle Ford Activity While Midland Drops in Q1

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Earthstone Energy Inc. reported its Q1 2019 results. Here are the highlights from its report and presentation.

Q1 Summary

- Well Activity (gross): Drilled 10 wells

• Midland Basin: Three completions - down -63% YOY

• Eagle Ford: Began drilling seven wells - up +40% YOY
  

- Rigs: 2 total rigs running - flat YOY

- Q1 D&C Spending: $42.7 million - up +90% YOY

- Q1 Production: Total equivalent production averaged 11.2 MBOEPD - up +16% from Q1 2018

Ops Summary

Midland Basin

In the Midland Basin, we completed three operated wells in February and March of 2019. In Reagan County, we completed our Malone 1-3 1A well (89% working interest) in the Wolfcamp A with an 11,206-foot lateral. In Upton County, we completed two Ratliff wells (100% working interest) with an average lateral of 10,375 feet from two different target zones in the Wolfcamp B. We commenced drilling in the first quarter on a five well program in Midland County on our Mid-States project (67% working interest). These wells are targeting the Wolfcamp A and B intervals with 10,000-foot laterals. Completions on this project are expected to begin in June.

Non-operated activity in the quarter consisted of completing two wells (50% working interest) in Reagan County and one well in Howard County (35% working interest). We are participating in projects in various stages of drilling and completions across our position in Howard, Martin and Midland counties with interests ranging from 2.6% to 46%.

In the Midland Basin, our total operated and non-operated production in the 2019 first quarter averaged approximately 9,706 Boepd (65% oil).

Eagle Ford

In the Eagle Ford, we have initiated drilling on a seven-well project in southern Gonzales County, Texas (44% working interest). These wells will average approximately 7,000-foot laterals with completions anticipated to begin by the end of the third quarter. Total operated and non-operated production in the first quarter averaged approximately 1,503 Boepd (84% oil).