THE WOODLANDS, Texas–(BUSINESS WIRE)–Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”), today announced that the borrowing base under its senior secured revolving credit facility (“Credit Facility”) has been increased from $150 million to $185 million in connection with its regularly scheduled fall redetermination. The Company also entered into an amendment to its Credit Facility which provides for increased flexibility. The $185 million borrowing base will not be reduced upon closing of the Company’s previously announced agreement to sell its Bakken assets.
Mark Lumpkin, Jr., Executive Vice President & Chief Financial Officer, commented, “The increase in the borrowing base of our Credit Facility reflects the results the Company is achieving through our continuous drilling program in the Midland Basin. We expect to enter 2018 with low leverage and strong liquidity, positioning Earthstone to grow our asset base both through the drill bit and through acquisitions. We appreciate the continued support of our lenders.”
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 listed on NYSE under the symbol “ESTE.” For more information, visit the Company’s website at www.earthstoneenergy.com.