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Earthstone Energy Reports Year End North Dakota Update

Stocks in this article: ESTE

DENVER, March 16, 2011 /PRNewswire/ -- EARTHSTONE ENERGY, INC. (Nasdaq: ESTE) supplied an update of its recent North Dakota activity.  During the past year the Company has participated in eight new horizontal wells in three distinct areas of North Dakota; the Banks Field, the Mondak Field and Indian Hill Field.  

Banks Field, McKenzie County

In the Banks area, the Company participated in four wells; all of which were operated by Zenergy, Inc; a private company headquartered in Tulsa, Oklahoma.   The Pederson #10-3H was drilled in April 2010 and is now both producing and no longer on confidential status.  The well had an initial potential of 522 barrels of oil per day and has cumulative production of approximately 65,000 barrels of oil, 109,000 MCF of gas and 35,000 barrels of water.  In February 2011, the well was re-entered to clean debris out the horizontal lateral of the well.  Following this work, the well is producing approximately 350 barrels of oil per day.  Earthstone has a 2.4 % working interest in this well.

The Ceynar 29-32H was drilled in November 2010.  Efforts to complete and hydraulically stimulate the well were hampered by harsh winter conditions.  As a result, the well has just recently been placed on production.  The well is still on confidential status and an initial production rate has not been released by the Operator.  However, the Company estimates that the well will have an initial potential of approximately 1,000 barrels of oil per day.  Earthstone has a 0.132 % working interest in this well.

The A. Johnson 12-1H and the Berquist 33-28H are currently being drilled.  Earthstone has a 0.084 % and 0.18% working interest in these wells, respectively.  Both wells are expected to be on production by late May.  

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