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Earthstone Spins Bit at Premier Cheyenne Deep Test Well

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   |    Monday,July 01,2013

Earthstone Energy Inc. has commenced drilling operations on its first deep Pennsylvanian test in Cheyenne County, Nebraska.

The well is expected to reach its projected total depth of approximately 6,500 feet by mid-July. The Schmale 34-20 is located in Sec 20, Township 15 North Range 47 West, Cheyenne County, Nebraska. As previously disclosed, the Company has acquired approximately 70 square miles of 3D seismic data and 30,000 acres of leasehold; primarily in Cheyenne County.

The Company anticipates drilling one or two more wells over the next 18 months to enhance its geologic model. Earthstone will be the Operator and has a 45% working interest in this venture.

Ray Singleton, President of Earthstone, commented: "We are pleased to announce the beginning of drilling operations on our newest project. Regardless of the outcome of this first well, the knowledge and data that we gain will refine our understanding of the geology and geophysics in these deeper formations. None the less, we are encouraged by many positive attributes of this specific location and are optimistic about what we may find here. We anticipate that these efforts will positively impact production and reserves and have a meaningful impact on the value of the Company."



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