Earthstone Energy Divests Non-Core Property in in Weld County, Colorado, for $6.25 Million in Aggregate; Shares Off 4%

By Staff,

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Earthstone Energy ( ESTE ) today announced that it has sold its Antenna-Federal property, a single, 640 acre section in the Wattenberg Field in Weld County, Colorado to an unrelated third party for an aggregate purchase price of $6.25 million. The company owned between 15% and 60% working interest in 25 wells and had an overriding royalty interest in 13 wells.

After deduction for commissions, marketing costs and required payment to participants of the Oil & Gas Incentive Compensation Plan, the company expects to have aggregate net sale proceeds available to it of $5.85 million. It will invested the cash generated from the sale in on-going and new ventures elsewhere, but primarily in the Williston basin of Montana and North Dakota.

Shares are down 4% to $15.00.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ESTE

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