Frank Lodzinski, president and CEO of Earthstone Energy, Inc. (NYSE MKT: ESTE), presented today at EnerCom’s The Oil & Gas Conference® 20.
Earthstone Energy, Inc. is a growth-oriented independent oil and gas exploration and production company engaged in the development and acquisition of oil and gas reserves through an active and diversified program that includes the acquisition, drilling and development of undeveloped leases, and purchases of reserves and exploration activities, with its current primary assets located in the Eagle Ford trend of south Texas and in the Williston Basin of North Dakota and Montana. The company’s headquarters is located in The Woodlands, Texas with an operating office in Denver, Colorado.
For the second quarter, Earthstone reported average daily production of 4,517 BOEPD, a 17% increase sequentially and a 94% increase from the same quarter last year. Total revenue for the quarter reached $16.7 million, which excludes any effects from hedges. The company also reduced LOE and G&A on a per-unit basis of 18% and 19% respectively, compared with the first quarter of the year.
During the company’s breakout session, management was asked the following questions:
- What took you into horizontal drilling from the conventional stuff you used to do?
- Is there a bias towards any particular play when you’re thinking about acquisitions?
- Can you talk about your preference to drill in the Austin Chalk over the Eagle Ford?
- Do you think about IRRs when drilling the Chalk, or is it just about capturing acreage?
- What does the contract look like on your one contracted rig?
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