Referenced Stocks

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

By Midnight Trader,  November 21, 2011, 11:04:59 AM EDT

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 The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ESTE



Latest News Video

Top Headlines: 5 Severely Injured After Trains Collide
Top Headlines: 5 Severely Injured A...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.43 0.07  0.52%
CSCO $ 24.24 0.35  1.48%
MSFT $ 34.87 0.79  2.32%
F $ 15.08 0.44  3.01%
ARUN $ 13.10 4.51  25.61%
SIRI $ 3.50 0.05  1.45%
GE $ 23.46 0.19  0.82%
S $ 7.32 0.04  0.55%