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


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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.

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This article appears in: Investing , Commodities

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