Investment Highlights Actively growing in the Midland Basin Growth through drill bit, acquisitions and significant business Midland Basin Focused Company combinations with Growing Inventory 850 total gross drilling locations across…
Track Record Management team has consistently created shareholder value Repeated success with multiple entities over 25 years 2005 2007 Southern Bay Energy, LLC Results have created long-term and recurring shareholders (Private) Gulf…
Management Strong management and technical team with demonstrated ability and prior success Equity ownership - interests are clearly aligned with shareholders Years Years of Working Responsibility Experience Together Frank…
Earthstone A Platform for Steady Growth Since December 2014, Earthstone has evolved from a micro cap, non-op Bakken / Three Forks company to a small cap operator that is primarily focused in the Midland Basin Production (Boe/d)…
Company Overview The Woodlands, Texas based E&P company focused on development and production of oil and natural gas with current operations in the Midland Basin Asset Location (27,000 core net acres) and the Eagle Ford (16,500 core…
Earthstone by the Numbers: Increased Size, Scale and Core Inventory Midland Basin Net Acres 26,900 Operations Net Midland Basin Locations 475 % Operated in Midland Basin 77% Q3 2017 Production (Mboe/d) 9.7 % Oil 63% 66.1…
Key Operating Areas Midland Basin Eagle Ford 1P Reserves (MMBoe) 51.5 1P Reserves (MMBoe) 11.0 % PD 20% % PD 46% % Oil 61% % Oil 69% PV-10 (mm) 402.0 PV-10 (mm) 97.1 Q3 2017 Net Production (Boe/d) 6,492 Q3 2017 Net Production (Boe/d)…
Asset Overview 11
Significant Operated Position in the Midland Basin Operated Position in Core Midland Basin(1) 20,700 net acres, 87% working interest, 500 gross locations identified in only 3 benches Q3 2017 Net Production of 5,357 Boe/d (63% oil,…
Consistent Thickness in Place Across the Position Reagan County Wolfcamp Wolfcamp Formation Isopach (Midland Basin)(1) Thickest Wolfcamp shale section in Midland Basin Current Reagan/Upton inventory 1 Wolfcamp A target 2 Wolfcamp B…
High Quality Pay Across Multiple Zones Reagan County Type Section Reagan Co. Resource Greater than Midland Co. North Midland Central Reagan Dean Dean Wolfcamp A Wolfcamp A Wolfcamp Upper B Wolfcamp B Wolfcamp A Thickness…
Significant Acreage Position in Midland Basin Core at an Attractive Price Selected Midland Basin Transactions RSPP/Adventure 7/2014 Oxy/Vanguard 3/2017 Purchase price: 259mm Purchase price: 105 mm Production, net: 1,100 boe/d…
Excellent Results in Multiple Benches 1 Parsley 24 Parsley 23 PCORE II 22 Permian Resources 21 Bold (ESTE) Morgan 25-26 11H Taylor 45-33 4601H Stiles 9-26 1HB Loftin Hughes 1211 6HS Bold TSRH 28S 3HL IP30/1000: 138 (87% oil)…
Recent Wolfcamp C Activity in Southern Midland Basin 1 PE Taylor 45-33 4601H 2 PE Paige 13A & 12A 4810H IPW2: 2465 BO, 4495 MCFG IPW2: 1351 BO, 2856 MCFG 6 7 Cum: 290 MBO in 8 months IP60 of 1600 Boe/d (56% oil) 12 3 Parsley 4 Parsley…
Differentiated, Balanced Inventory in Midland Basin Midland Basin Overview Gross locations by lateral length and target Gross Locations by Lateral Length Contiguous acreage positions provides significant Target 5,000' - 6,000' 7,000'…
Well Performance Update All areas outperforming initial expectations (plots include all wells with Gen 4 completions) All areas and target horizons generating attractive returns at strip prices with cost inflation Completion evolution…
Blocking Up Acreage East Central Upton County Pre Acreage Trade Acreage Trade Highlights Completed trade with offset operator to block up acreage for longer laterals Earthstone now has 2,650 net acres in the Benedum prospect with…
Blocking Up Acreage Southeast Reagan County Pre Acreage Trade Acreage Trade Highlights Completed trade with offset operator and became operator of the RCR RE 180 well and unit 480 net acres in the RCR Unit with 100% WI (76% NRI)…
Midland Basin Non-Op Asset Overview Glasscock, Howard, Martin and Working Midland Counties, Texas Gross Net County Interest Acres Acres (%) 1,757 43.750 769 Martin 1,127 20.000 225 Midland 640 43.750 280 Glasscock 4,480 43.750…
Howard County Wolfcamp A Well Performance (Tubb A 1HA) Well Statistics Map 9,366 lateral, 66 stages 2,000 lbs/ft of proppant 2-stream cumulative production = 231,000 Boe (82% oil) after 289 days Installed ESP after flowing for 43…
Eagle Ford Asset Overview Karnes, Gonzales, and Fayette Counties, Texas Operated Karnes, Gonzales, and Fayette, Texas 36,520 gross / 16,500 net leasehold acres Working interests range from 17% to 50% 60% held-by-production 101 gross…
Recent Eagle Ford Activity 11 gross wells drilled in southwestern Gonzales County with completions initiated in November 2017 Pilgrim and 2 wells in Davis Unit (5,300 foot lateral); 17% Davis Units working interest; Completed 3…
Financial Overview 26
2018 Capital Budget, Guidance and Current Liquidity 2018 Capital Budget(1) 2018 FY Guidance(1)(2) Gross / Net Well Count 2018 Average Production (Boe/d) 12,000 12,500 mm Spudded On-Line % Oil 64% Drilling and Completion: % Gas 17%…
Hedging Summary Oil Production Hedged (Bbls; /Bbl) Gas Production Hedged (MMBtu; /MMBtu) 51.38 1,483,250 3.066 52.32 3.167 52.35 810,000 547,500 645,000 266,000 0 (1) (1) 2017 2018 2019 2017 2018 2019 (1) Hedges for Q4…
Analyst Coverage Firm Analyst Contact Info Baird Joseph Allman / 646-557-3209 / jdallmanrwbaird.com Euro Pacific Joel Musante / 800-727-7922 ext: 144 / jmusanteeuropac.net Imperial Capital Jason Wangler / 713-892-5603 /…
Contact Information Frank Lodzinski President and CEO Robert Anderson EVP, Corporate Development and Engineering Mark Lumpkin, Jr. EVP, Chief Financial Officer Scott Thelander Director of Finance Corporate Offices…
Reconciliation of Non-GAAP Financial Measure Adjusted EBITDAX Adjusted EBITDAX is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks and…
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