{"id":515415,"date":"2021-07-20T17:29:41","date_gmt":"2021-07-20T21:29:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/earthstone-completes-tracker-acquisition-and-updates-guidance-operations\/"},"modified":"2021-07-20T17:29:41","modified_gmt":"2021-07-20T21:29:41","slug":"earthstone-completes-tracker-acquisition-and-updates-guidance-operations","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/earthstone-completes-tracker-acquisition-and-updates-guidance-operations\/","title":{"rendered":"Earthstone Completes Tracker Acquisition and Updates Guidance &amp; Operations"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Provides Estimated Mid-Year Proved Reserves<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">THE WOODLANDS, Texas<\/span>, <span class=\"xn-chron\">July 20, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Earthstone Energy, Inc. (NYSE: ESTE) (&#8220;Earthstone&#8221;, the &#8220;Company&#8221;, &#8220;our&#8221; or &#8220;we&#8221;), today announced that it has completed the previously announced acquisition of privately held operated assets located in the <span class=\"xn-location\">Midland<\/span> Basin from Tracker Resource Development III, LLC and an affiliate (&#8220;Tracker&#8221;) and from affiliates of Sequel Energy Group LLC, which hold well-bore interests in certain of the producing wells operated by Tracker (collectively, the &#8220;Tracker Acquisition&#8221;).\u00a0 The Company also updated its 2021 guidance, provided an operational update, and provided an estimate of mid-year 2021 proved reserves.<\/p>\n<p>The Company estimates its oil and gas sales volumes for the second quarter of 2021 to be approximately 2.07 MMBoe or an average of 22,716 Boe\/d (52% oil, 76% liquids). \u00a0The Company also has provided its estimate of mid-year 2021 proved reserves based on SEC pricing as of <span class=\"xn-chron\">June 30, 2021<\/span>, on a standalone basis as well as based on NYMEX strip pricing as of <span class=\"xn-chron\">June 30, 2021<\/span> and adjusted for closing of the Tracker Acquisition.\u00a0 Adjusted for the closing of the Tracker Acquisition and including only proved developed reserves from the Tracker Acquisition, the Company estimates total proved reserves were 133.6 MMBoe, with a corresponding PV-10 value<sup>1<\/sup> of <span class=\"xn-money\">$1,677 million<\/span>. <\/p>\n<p>Key highlights include:<\/p>\n<ul type=\"disc\">\n<li>Achieved record estimated average daily sales volumes in the second quarter of 2021 of 22,716 Boe\/d (52% oil), an increase of 12% over first quarter 2021 volumes <\/li>\n<li>Closed the Tracker Acquisition on <span class=\"xn-chron\">July 20, 2021<\/span>, the third significant acquisition completed in 2021 <\/li>\n<li>Maintained a strong balance sheet and liquidity position with <span class=\"xn-money\">$249.5 million<\/span> of undrawn capacity under our <span class=\"xn-money\">$550 million<\/span> senior secured revolving credit facility and a cash balance of <span class=\"xn-money\">$0.5 million<\/span> as of <span class=\"xn-chron\">June 30, 2021<\/span>, as adjusted for the closing of the Tracker Acquisition on <span class=\"xn-chron\">July 20, 2021<\/span><\/li>\n<li>On track to achieve leverage below 1.25x at year-end 2021<sup>2<\/sup><\/li>\n<li>\n          <span class=\"xn-money\">$1,677 million<\/span> PV-10 value on Company estimated Mid-Year 2021 total proved reserves of 133.6 MMBoe, based on NYMEX strip pricing, adjusted to include only the proved developed reserves of 20.2 MMBoe from the Tracker Acquisition <\/li>\n<li>\n          <span class=\"xn-money\">$1,089 million<\/span> PV-10 value of proved developed reserves of 83.6 MMBoe included in total proved reserves estimates above <\/li>\n<li>Full Year 2021 production guidance increased 19% at the mid-point to 23,500-24,250 Boe\/d (50%-51% oil) compared to the previous guidance <\/li>\n<li>Average daily sales volumes in the second half of 2021 are expected to be between 25,500 and 27,000 Boe\/d <\/li>\n<li>Estimated accrued capital expenditures of <span class=\"xn-money\">$22.8 million<\/span> and <span class=\"xn-money\">$32.6 million<\/span> for the second quarter of 2021 and first-half of 2021, respectively, excluding acquisitions <\/li>\n<li>Plan to add a second rig to the 2021 drilling program in mid-third quarter, with a revised Full Year 2021 capital budget of <span class=\"xn-money\">$130<\/span>&#8211;<span class=\"xn-money\">$140 million<\/span>, <\/li>\n<li>Expect to spud 9 incremental gross operated wells and turn to sales 4 incremental gross operated wells compared to the prior capital budget<\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <u>Tracker Acquisition and Board Appointment<br \/><\/u><br \/>\n        <\/b>At the Company&#8217;s Annual Meeting of Stockholders held on <span class=\"xn-chron\">Tuesday, July 20, 2021<\/span>, its stockholders approved the issuance of 6.2 million shares of Class A Common Stock, which were issued in the closing of the Tracker Acquisition.\u00a0 As of <span class=\"xn-chron\">July 20, 2021<\/span>, and as adjusted for closing of the Tracker Acquisition, Earthstone had 50,493,800 outstanding Class A shares and 34,397,877 outstanding Class B shares for a total of 84,891,677 outstanding Class A &amp; Class B shares.<\/p>\n<p>Further, the stockholders approved an amendment to the Company&#8217;s Third Amended and Restated Certificate of Incorporation to increase the authorized size of the Board of Directors of Earthstone from nine to eleven members.\u00a0 Subsequently, the Board increased the size of the Board from nine members to ten members and appointed <span class=\"xn-person\">Robert J. Anderson<\/span>, the Company&#8217;s President and CEO, to fill the vacancy effective <span class=\"xn-chron\">July 20, 2021<\/span>.<\/p>\n<p>The aggregate purchase price of the Tracker Acquisition was approximately <span class=\"xn-money\">$126.5 million<\/span> at signing of the purchase and sale agreement, consisting of <span class=\"xn-money\">$81.6 million<\/span> in cash and 6.2 million shares of Earthstone&#8217;s Class A common stock valued at <span class=\"xn-money\">$44.9 million<\/span> based on a closing share price of <span class=\"xn-money\">$7.24<\/span> on <span class=\"xn-chron\">March 30<\/span>, 2021.\u00a0 Cash consideration paid at closing was <span class=\"xn-money\">$59.6 million<\/span>, reflecting both the purchase price adjustment estimated prior to closing and the deposit paid at signing.<\/p>\n<p>The low-cost, low-decline, high-margin assets acquired from the Tracker Acquisition are proximately located and complementary to Earthstone&#8217;s existing operated assets, adding significant producing asset value with a Company estimated PV-10 value of mid-year 2021 proved developed reserves of <span class=\"xn-money\">$169.0 million<\/span>, based on NYMEX strip pricing and differentials as of <span class=\"xn-chron\">June 30<\/span>, 2021.\u00a0 We also obtained further economic upside from 49 high-graded drilling locations which the Company estimates to provide IRRs of ~56% at <span class=\"xn-money\">$60<\/span>\/bbl WTI oil prices and <span class=\"xn-money\">$2.50<\/span>\/mcf Henry Hub gas prices<sup>3<\/sup>.<\/p>\n<p>\n        <b><br \/>\n          <u>Updated 2021 Guidance<\/u><br \/>\n          <br \/>\n        <\/b>The Company has revised its 2021 capital budget to include the addition of a second rig that is expected to commence operations in early August and now expects to spend <span class=\"xn-money\">$130<\/span>&#8211;<span class=\"xn-money\">$140 million<\/span>.\u00a0 This program is expected to result in spudding 30 gross \/ 26.2 net operated wells and bringing 20 gross \/ 16.1 net operated wells and 0.7 net non-operated wells online in 2021 on its acreage in the Midland Basin.\u00a0 <\/p>\n<p>Based on its 2021 capital budget, operating plan, and existing service costs, along with current commodity prices and hedges, the Company expects to generate significant positive free cash flow<sup>4<\/sup>\u00a0in 2021. The Company&#8217;s capital budget excludes acquisitions.<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>FY 2021 Capital Expenditures<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ millions<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Net)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross \/ Net<\/b><br \/>\n                  <br \/>\n                  <b>Operated<\/b><br \/>\n                  <br \/>\n                  <b>Wells Spudded<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross \/ Net<\/b><br \/>\n                  <br \/>\n                  <b>Operated<\/b><br \/>\n                  <br \/>\n                  <b>Wells On Line<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net<\/b><br \/>\n                  <br \/>\n                  <b>Non-Operated<\/b><br \/>\n                  <br \/>\n                  <b>Wells On Line<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Drilling and Completions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$120 \u2013 130<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30 \/ 26.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20 \/ 16.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.7<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Land \/ Infrastructure<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY 2021 Total Capital Expenditures<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbd prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$130 \u2013 140<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FY 2021 Average Daily Production (Boe\/d)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,500 \u2013 24,250<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">% Oil<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50% \u2013 51%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">% Liquids<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74% \u2013 75%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2H 2021 Average Daily Production (Boe\/d)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,500 \u2013 27,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">% Oil<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46% \u2013 47%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">% Liquids<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73% \u2013 74%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2H 2021 Operating Costs<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Lease Operating Expense ($\/Boe)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$5.75 \u2013 $6.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Production and Ad Valorem Taxes (% of Revenue)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.25% \u2013 7.00%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnml8\">\n                <span class=\"prnews_span\">Cash G&amp;A ($mm)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$12 \u2013 $13<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable4e1f\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: Guidance is forward-looking information that is subject to considerable change and numerous risks and uncertainties, many of which are beyond Earthstone&#8217;s control. See &#8220;Forward-Looking Statements&#8221; section below. Cash G&amp;A is defined as general and administrative expenses excluding stock-based compensation.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <u>Management Comments<br \/><\/u><br \/>\n        <\/b><br \/>\n        <span class=\"xn-person\">Robert J. Anderson<\/span>, President and Chief Executive Officer of Earthstone, stated, &#8220;First off, I want to thank my fellow board members for this appointment to the Earthstone Board of Directors.\u00a0 I am honored to have worked with this distinguished group for a number of years in my capacity as an officer and look forward to working even closer with them as we continue to build Earthstone.\u00a0 We have had an exciting and productive first half of 2021, and we are entering the second half with a significant increase in operational scale, production, cash flow and most importantly, in value. \u00a0We have invested an estimated <span class=\"xn-money\">$360 million<\/span> in aggregate acquisitions so far this year, and combined with a substantial increase in commodity prices, we have seen a significant increase in production volumes, cash flows and in estimated proved reserves and PV-10 value. We pride ourselves on targeting and completing acquisitions at highly accretive valuations and are focused on continuing to do so in the second half of the year.<\/p>\n<p>&#8220;Our conservative approach to funding acquisitions with an appropriate mix of debt and equity has allowed us to maintain strong liquidity and low leverage while building significant scale.\u00a0 We expect to have nearly doubled our daily production volumes compared to 2020 levels, all while adding minimal G&amp;A.\u00a0 The combination of continued improvements in operational and corporate efficiencies has allowed us to continue to drive down per unit costs, as we aim to maximize margins.\u00a0 <\/p>\n<p>Mr. Anderson continued &#8220;With our increased production base, cash flow and economic drilling inventory, the addition of a second rig will further develop our growing drilling inventory, primarily impacting production volumes in 2022 and beyond. \u00a0Our updated capital program is designed to allow spending within cash flow and is expected to generate significant free cash flow in 2021.\u00a0 We look forward to fully integrating the Tracker Acquisition assets in the coming months and expect a similarly smooth integration as we achieved with the IRM assets acquired in January.\u00a0 We recently finished drilling operations on our initial pad on the IRM assets ahead of schedule and under our estimated costs.\u00a0 As we move forward, we will continue to focus on cost-efficient drilling and completion operations as we look to create value through the drillbit.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Liquidity Update<br \/><\/u><br \/>\n        <\/b>As of <span class=\"xn-chron\">June 30, 2021<\/span>, we had <span class=\"xn-money\">$0.5 million<\/span> in cash and <span class=\"xn-money\">$241.4 million<\/span> of long-term debt outstanding under our credit facility with a borrowing base of <span class=\"xn-money\">$475 million<\/span>. With the <span class=\"xn-money\">$233.6 million<\/span> of undrawn borrowing base capacity and <span class=\"xn-money\">$0.5 million<\/span> in cash, we had total liquidity of approximately <span class=\"xn-money\">$234.1 million<\/span>.\u00a0 Adjusted for the closing of the Tracker Acquisition on <span class=\"xn-chron\">July 20, 2021<\/span>, we had an estimated <span class=\"xn-money\">$0.5 million<\/span> in cash and <span class=\"xn-money\">$301.0 million<\/span> of long-term debt outstanding under our credit facility with a borrowing base of <span class=\"xn-money\">$550 million<\/span>. With the <span class=\"xn-money\">$249.0 million<\/span> of undrawn borrowing base capacity and <span class=\"xn-money\">$0.5 million<\/span> in cash, we had total liquidity of approximately <span class=\"xn-money\">$249.5 million<\/span> on a combined basis.<\/p>\n<p>\n        <b><br \/>\n          <u>Operational Update<br \/><\/u><br \/>\n        <\/b>The Company completed three gross (2.1 net) wells in the second quarter on the Hamman 45 pad in <span class=\"xn-location\">Midland County<\/span> in the Jo Mill, Lower Spraberry and Wolfcamp B zones.\u00a0 The wells began flowing back recently and continue to clean-up but have not yet reached peak IP-30 day rates.\u00a0 We expect to complete and turn to sales the recently drilled 4-well Pearl Jam pad (95% working interest) in <span class=\"xn-location\">Midland County<\/span> late in the third quarter.\u00a0 These are the Company&#8217;s first wells drilled on the recently acquired IRM acreage.\u00a0 Subsequent to drilling on the Pearl Jam pad, the rig was moved to western <span class=\"xn-location\">Reagan County<\/span> in early July to drill a 4-well pad, then is expected to move to <span class=\"xn-location\">Upton County<\/span> to drill a 4-well pad before being moved to <span class=\"xn-location\">Midland County<\/span> late in 2021.\u00a0 The Company plans to deploy a second rig in early August, beginning in <span class=\"xn-location\">Upton County<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <u>Mid-Year 2021 SEC Estimated Proved Reserves<br \/><\/u><br \/>\n        <\/b>Earthstone Stand-Alone Mid-Year 2021 Estimated Proved Reserves Highlights:<\/p>\n<ul type=\"disc\">\n<li>Proved Reserves of 111.4 MMBoe with corresponding PV-10 value of <span class=\"xn-money\">$1,032 million<\/span><\/li>\n<li>Proved Reserves are 54% oil, 24% natural gas liquids, and 22% natural gas <\/li>\n<li>Proved Reserves are 55% Proved Developed and 45% Proved Undeveloped<\/li>\n<\/ul>\n<p>As shown in the table below, the Company&#8217;s estimated proved reserves at mid-year 2021, which were prepared in accordance with Securities and Exchange Commission (&#8220;SEC&#8221;) guidelines by the Company, were approximately 111.4 million barrels of oil equivalent (&#8220;MMBoe&#8221;).<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Oil<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gas<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NGL<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PV-10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reserve Category<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MMcf)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBoe)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($ in thousands)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved Developed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,008<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86,092<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,319<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,675<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">646,779<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved Undeveloped<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58,744<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,871<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,677<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">385,061<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,023<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">144,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,190<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">111,352<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,031,839<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTabledb49\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnsbtb0 prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: PV-10 is a non-GAAP financial measure. See &#8220;Non-GAAP Financial Measure.&#8221;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>SEC rules require that calculations of economically recoverable reserves use the unweighted average price on the first day of the month for the prior twelve-month period. The resulting oil and natural gas prices used for the Company&#8217;s 2021 mid-year internal reserve report, prior to adjusting for quality and basis differentials, were <span class=\"xn-money\">$49.78<\/span> per barrel and <span class=\"xn-money\">$2.428<\/span> per million British Thermal Units (&#8220;MMBtu&#8221;), respectively. SEC prices net of differentials were <span class=\"xn-money\">$48.88<\/span> per barrel, <span class=\"xn-money\">$14.58<\/span> per equivalent barrel of NGL and <span class=\"xn-money\">$1.21<\/span> per Mcf.<\/p>\n<p>\n        <b><br \/>\n          <u>Mid-Year 2021 Company Estimated Proved Reserves (Including Tracker Acquisition)<br \/><\/u><br \/>\n        <\/b>To illustrate the effects of commodity price fluctuations on estimated reserve quantities and present values and to illustrate the impact of the recent Tracker Acquisition, Earthstone is also providing alternative Mid-Year 2021 Company Estimated Proved Reserves.\u00a0 This alternative summary as shown in the table below has been prepared utilizing NYMEX strip benchmark prices and basis differentials as of <span class=\"xn-chron\">June 30, 2021<\/span>.<\/p>\n<p>Highlights of Mid-Year 2021 Company Estimated Proved Reserves, combined with only the estimated proved developed reserves of 20.2 MMBoe from the Tracker Acquisition:<\/p>\n<ul type=\"disc\">\n<li>\n          <span class=\"xn-money\">$1,667 million<\/span> PV-10 value of Proved Reserves of 133.6 MMBoe (48% oil, 27% natural gas liquids, and 25% natural gas) <\/li>\n<li>\n          <span class=\"xn-money\">$1,089 million<\/span> PV-10 value of Proved Developed Reserves of 83.6 MMBoe (42% oil, 30% natural gas liquids, and 28% natural gas)<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Oil<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gas<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NGL<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PV-10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reserve Category<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MMcf)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(MBoe)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($ in thousands)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved Developed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,818<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">141,482<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,175<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,573<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,089,312<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved Undeveloped<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,172<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,420<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,993<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,068<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">587,693<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,990<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200,901<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,169<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">133,642<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,677,005<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable3ccd\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Note: See NYMEX strip benchmark prices and basis differentials &#8220;Alternative Mid-Year 2021 Estimated Proved Reserves&#8221; components below for a breakdown of the above by entity.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <u>About Earthstone<br \/><\/u><br \/>\n        <\/b>Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in developing and operating oil and gas properties. The Company&#8217;s primary assets are located in the <span class=\"xn-location\">Midland<\/span> Basin of west <span class=\"xn-location\">Texas<\/span> and the Eagle Ford Trend of south <span class=\"xn-location\">Texas<\/span>. Earthstone is traded on the NYSE under the symbol &#8220;ESTE.&#8221; For more information, visit the Company&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3234058-1&amp;h=848527912&amp;u=http%3A%2F%2Fwww.earthstoneenergy.com%2F&amp;a=www.earthstoneenergy.com\" rel=\"nofollow noopener\">www.earthstoneenergy.com<\/a>. <\/p>\n<p>\n        <b><br \/>\n          <u>Forward-Looking Statements<br \/><\/u><br \/>\n        <\/b>This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as &#8220;expects,&#8221; &#8220;believes,&#8221; &#8220;intends,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;forecast,&#8221; &#8220;guidance,&#8221; &#8220;target,&#8221; &#8220;potential,&#8221; &#8220;possible,&#8221; or &#8220;probable&#8221; or statements that certain actions, events or results &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; or &#8220;could&#8221; be taken, occur or be achieved.\u00a0 Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Earthstone&#8217;s annual report on Form 10-K and as amended on Form 10-K\/A, for the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, \u00a0quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission filings. Earthstone undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.<\/p>\n<p>\n        <b><br \/>\n          <u>Contact<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Mark Lumpkin, Jr.<\/span><br \/>\n        <br \/>Executive Vice President \u2013 Chief Financial Officer <br \/>Earthstone Energy, Inc.<br \/>1400 Woodloch Forest Drive, Suite 300<br \/><span class=\"xn-location\">The Woodlands, TX<\/span> 77380<br \/>281-298-4246<br \/><u><a target=\"_blank\" href=\"mailto:mark.lumpkin@earthstoneenergy.com\" rel=\"nofollow noopener\">mark.lumpkin@earthstoneenergy.com<\/a><\/u><\/p>\n<p>\n        <span class=\"xn-person\">Scott Thelander<\/span><br \/>\n        <br \/>Vice President of Finance<br \/>Earthstone Energy, Inc.<br \/>1400 Woodloch Forest Drive, Suite 300<br \/><span class=\"xn-location\">The Woodlands, TX<\/span> 77380<br \/>281-298-4246<br \/><u><a target=\"_blank\" href=\"mailto:scott@earthstoneenergy.com\" rel=\"nofollow noopener\">scott@earthstoneenergy.com<\/a><\/u><\/p>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<p class=\"prntac\">\n        <b>Earthstone Energy, Inc. <br \/><\/b><br \/>\n        <b>Alternative Mid-Year 2021 Proved Reserves<\/b>\n      <\/p>\n<p \/>\n<p>The information presented below includes the combination of the stand-alone reserve quantities and PV-10 for Earthstone and the Tracker Acquisition as of <span class=\"xn-chron\">June 30, 2021<\/span> prepared utilizing NYMEX strip benchmark prices and basis differentials as of <span class=\"xn-chron\">June 30, 2021<\/span>.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ESTE<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tracker<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Acquisition<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Combined<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proved<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<td class=\"prngen12\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reserve Category<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Developed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Undeveloped<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Developed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Developed<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Undeveloped<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Oil (MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,659<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,172<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,831<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,159<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,818<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,172<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,990<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gas (MMcf)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89,129<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,420<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">148,549<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,352<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">141,482<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,420<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200,901<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NGL (MBbls)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,904<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,993<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,898<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,271<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,175<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,993<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,169<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total (MBoe)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,419<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,068<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">113,487<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,155<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,573<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,068<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">133,642<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PV-10 ($ in thousands)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$920,343<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$587,693<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,508,036<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$168,969<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,089,312<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$587,693<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1,677,005<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p class=\"prntac\">\n        <b>Earthstone Energy, Inc. <br \/>Non-GAAP Financial Measure<br \/>Unaudited<\/b>\n      <\/p>\n<p>The non-GAAP financial measure of PV-10, as defined and presented below, is intended to provide readers with meaningful information that supplements our financial statements prepared in accordance with accounting principles generally accepted in <span class=\"xn-location\">the United States<\/span> (&#8220;GAAP&#8221;). <\/p>\n<p>PV-10 is derived from the standardized measure of discounted future net cash flows (&#8220;Standardized Measure&#8221;), which is the most directly comparable financial measure under GAAP. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10%. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to present the fair value of our oil and natural gas reserves.<\/p>\n<p>The following table provides a reconciliation of PV-10 of the Company&#8217;s estimated proved reserves to the Standardized Measure as of <span class=\"xn-chron\">June 30, 2021<\/span> and not including the assets acquired in the Tracker Acquisition (in thousands):<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Present value of estimated future net revenues (PV-10)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,031,839<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Future income taxes, discounted at 10%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(65,552)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Standardized measure of discounted future net cash flows<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">966,287<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table id=\"convertedTable354d\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">PV-10 as used herein is the present value of estimated future revenues, discounted at 10% annually, to be generated from the production of proved reserves, net of estimated production and future development costs, using prices and costs as of the date of estimation, without giving effect to (i) non-property related expenses such as general and administrative expenses, debt service and future income tax expense, or (ii) depreciation, depletion and amortization.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>2<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Combining for all 2021 acquisitions; leverage defined as total debt to Adjusted EBITDAX<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>3<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Based on current all-in estimated drilling, completions and equipment costs of $600 per lateral foot for a 10,000 foot lateral.\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Assumes NGL differential realizations to be 30% of WTI.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>4<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As used in this news release, &#8220;free cash flow&#8221;, a non-GAAP measure, means Adjusted EBITDAX (a non-GAAP measure), less interest expense, less accrual-based capital expenditures.\u00a0 As used in this news release &#8220;Adjusted EBITDAX&#8221;, a non-GAAP measure means net income plus, when applicable, accretion of asset retirement obligations; impairment expense; depletion, depreciation and amortization; interest expense, net; transaction costs; loss (gain) on sale of oil and gas properties; unrealized (gain) loss on derivatives; stock-based compensation; and income tax expense.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DA49351&amp;sd=2021-07-20\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/earthstone-completes-tracker-acquisition-and-updates-guidance--operations-301337947.html\">https:\/\/www.prnewswire.com\/news-releases\/earthstone-completes-tracker-acquisition-and-updates-guidance&#8211;operations-301337947.html<\/a><\/p>\n<p>SOURCE  Earthstone Energy, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DA49351&amp;Transmission_Id=202107201726PR_NEWS_USPR_____DA49351&amp;DateId=20210720\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Provides Estimated Mid-Year Proved Reserves PR Newswire THE WOODLANDS, Texas, July 20, 2021 \/PRNewswire\/ &#8212;\u00a0Earthstone Energy, Inc. (NYSE: ESTE) (&#8220;Earthstone&#8221;, the &#8220;Company&#8221;, &#8220;our&#8221; or &#8220;we&#8221;), today announced that it has completed the previously announced acquisition of privately held operated assets located in the Midland Basin from Tracker Resource Development III, LLC and an affiliate (&#8220;Tracker&#8221;) and from affiliates of Sequel Energy Group LLC, which hold well-bore interests in certain of the producing wells operated by Tracker (collectively, the &#8220;Tracker Acquisition&#8221;).\u00a0 The Company also updated its 2021 guidance, provided an operational update, and provided an estimate of mid-year 2021 proved reserves. The Company estimates its oil and gas sales volumes for the second quarter of 2021 to be approximately 2.07 MMBoe &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/earthstone-completes-tracker-acquisition-and-updates-guidance-operations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Earthstone Completes Tracker Acquisition and Updates Guidance &amp; Operations&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-515415","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Earthstone Completes Tracker Acquisition and Updates Guidance &amp; Operations - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/earthstone-completes-tracker-acquisition-and-updates-guidance-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earthstone Completes Tracker Acquisition and Updates Guidance &amp; Operations - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Provides Estimated Mid-Year Proved Reserves PR Newswire THE WOODLANDS, Texas, July 20, 2021 \/PRNewswire\/ &#8212;\u00a0Earthstone Energy, Inc. (NYSE: ESTE) (&#8220;Earthstone&#8221;, the &#8220;Company&#8221;, &#8220;our&#8221; or &#8220;we&#8221;), today announced that it has completed the previously announced acquisition of privately held operated assets located in the Midland Basin from Tracker Resource Development III, LLC and an affiliate (&#8220;Tracker&#8221;) and from affiliates of Sequel Energy Group LLC, which hold well-bore interests in certain of the producing wells operated by Tracker (collectively, the &#8220;Tracker Acquisition&#8221;).\u00a0 The Company also updated its 2021 guidance, provided an operational update, and provided an estimate of mid-year 2021 proved reserves. 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