THE WOODLANDS, Texas–(BUSINESS WIRE)–Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”), today announced that it has entered into a definitive agreement to sell its Bakken assets for approximately $27 million in cash to an unaffiliated party. The transaction is subject to customary closing conditions and adjustments. The effective date will be December 1, 2017 and is expected to close by year-end 2017.
Robert J. Anderson, Executive Vice President, Corporate Development and Engineering of Earthstone commented, “The sale of our Bakken assets, which are non-operated, represents a further step in Earthstone’s continued shift in emphasis to being primarily a Midland Basin focused operator. Over the past 18 months we have established a position in the Midland Basin that stands at approximately 27,000 net acres and approximately 7,000 Boepd. The divestiture of our Bakken assets allows us to continue focusing our human and capital resources on our highly economic assets in the Midland Basin.”
About Earthstone Energy, Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in developing and operating oil and gas properties. The Company’s primary assets are located in the Midland Basin of west Texas and the Eagle Ford trend of south Texas. Earthstone is traded on NYSE under the symbol “ESTE.” For more information, visit the Company’s website at www.earthstoneenergy.com.