earthstone energy inc (ESTE) Key Developments
Earthstone Energy, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012
Feb 8 13
Earthstone Energy, Inc. reported earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported net income of $370,000 or $0.22 per diluted share, on revenue of $2.8 million compared to net income of $1,152,000 or $0.68 per diluted share, on revenue of $3.9 million for the third quarter of fiscal 2012.
For the nine months ending December 2012, the company reported net income of $1,126,000 or $0.65 per diluted share, on revenue of $8.0 million compared to net income of $2,545,000 or $1.49 per diluted share, on revenue of $8.9 million for the same period ended December 2011. Total revenue and net income decreased $1,032,000 (27%) and $782,000 (68%), respectively, from the comparable three month prior year period. These results were due to both decreases in oil and gas prices and oil and gas sales volumes in 2013 as compared to 2012.
Earthstone Energy, Inc. Finalizes New Loan Facility
Jan 3 13
Earthstone Energy, Inc. reported that, on December 21, 2012, it established a new bank credit facility with The Bank of Oklahoma, located in Denver, Colorado. This facility replaces the company’s previous line-of-credit with American National Bank that expired on December 31, 2010. Under the terms of its new loan agreement the company has a twenty five million dollars ($25,000,000) line of credit with an initial borrowing base of six million dollars ($6,000,000). The loan facility is collateralized by some of the company’s producing properties. The loan agreement is set to expire on December 20, 2017. The company intends to use funds available under the new credit facility to continue paying its share of horizontal Bakken drilling and completion costs incurred on wells drilled and completed in the Williston Basin. In addition, the company may utilize this credit facility to reduce payables, fund property acquisitions, finance recompletion or drilling efforts in other areas, or pursue other opportunities which the company cannot contemplate at this time but which may arise from time to time in the future.
Earthstone Energy, Inc. Announces Executive Changes
Dec 13 12
Effective December 11, 2012, James M. Poage resigned as the interim Chief Financial Officer of Earthstone Energy, Inc. Mr. Poage resigned in order to pursue other business opportunities. It is anticipated that Mr. Poage will continue his association with the company, primarily in the area of SOX compliance. On December 12, 2012, the Board of Directors of the company appointed Paul D. Maniscalco as its new interim Chief Financial Officer. Since 2006, Mr. Maniscalco, has been a Principal with SJM Financial and Accounting. Prior to joining SJM, Mr. Maniscalco was a Senior Audit Manager with Sherb & Co., LLP. Mr. Maniscalco has Big 4 accounting firm as well as regional CPA firm background and is experienced in financial statement preparation, SEC reporting, corporate governance, financial analysis and due diligence. Mr. Maniscalco currently works with several E&P industry entities.
Earthstone Energy, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended September 30, 2012; Provides Capital Expenditures Guidance for the Fiscal 2013
Nov 13 12
Earthstone Energy, Inc. announced earnings results for the second quarter and six months ended September 30, 2012. The company reported net income of $486,000, or $0.28 per diluted share, on revenue of $2,809,000 for the second quarter of fiscal 2013. This compares to net income of $728,000, or $0.43 per diluted share, on revenue of $2,545,000 for the quarter ended September 30, 2011. The increase in total revenue was due primarily to higher oil production, which was nearly offset by lower oil and gas prices. Net income decreased due to higher depletion and general & administrative expenses, in addition to higher production taxes in 2012 relative to 2011.
For the first half of fiscal year 2013, the company reported net income of $756,000, or $0.44 per basic and diluted share, on revenue of $5,156,000, compared to net income of $1,393,000, or $0.81 per basic and diluted share, on revenue of $5,070,000 for the six months ended September 30, 2011. Year-to-date, capital deployment increased on an accrual basis 82% over the same period last year.
Based on year-to-date capital deployment, by year-end, the company expects to easily double last year's capital expenditures.
Earthstone Energy, Inc. Reports Earnings and Production Results for the First Quarter Ended June 30, 2012
Aug 10 12
Earthstone Energy, Inc. reported earnings and production results for the first quarter ended June 30, 2012. The company reported net income was $270,000, or $0.16 per diluted share, on revenue of $2,347,000 for the first quarter of fiscal 2013, ended June 30, 2012. This compares to net income of $665,000, or $0.39 per diluted share, on revenue of $2,525,000 for the first quarter of fiscal 2012, ended June 30, 2011. Both total revenue and net income decreased $178,000 (7%) and $395,000 (59%), respectively, from 2011. These decreases were primarily due to lower oil and natural gas prices in 2012 relative to 2011. Net income was also affected by higher general & administrative expenses when contrasted with the comparable quarter in 2011.
For the quarter, the company reported production of oil 26,999 barrels against 22,562 barrels a year ago. Gas production was 14,566 mcf against 31,403 mcf a year ago.