Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Earthstone Energy Reports 3rd Quarter Results

DENVER, CO -- (Marketwire) -- 02/08/13 -- EARTHSTONE ENERGY, INC. (NYSE MKT: ESTE) reported net income of $370,000, $0.22 per diluted share, on revenue of $2.8 million for the third quarter of fiscal 2013 compared to net income of $1,152,000, $0.68 per diluted share, on revenue of $3.9 million for the third quarter of fiscal 2012. For the nine months ending December 2012, the Company reported net income of $1,126,000, $0.65 per diluted share, on revenue of $8.0 million compared to net income of $2,545,000, $1.49 per diluted share, on revenue of $8.9 million for the same period ended December 2011. Total revenue and net income decreased $1,032,000 (27%) and $782,000 (68%), respectively, from the comparable three month prior year period. These results were due to both decreases in oil and gas prices and oil and gas sales volumes in 2013 as compared to 2012. In addition, total revenue and net income declined as the result of the sale of a group of Colorado properties in the comparable prior year period that did not contribute to this quarter coupled with an uncharacteristic, one-time, positive revenue adjustment that occurred in the 3rd quarter of fiscal 2012. Other factors which contributed to our quarterly results are disclosed in the Company's most recent Form 10-Q.

"The results for this quarter were predictable given the dynamics of our operational transition to a very active drilling program in our North Dakota Bakken project," commented Ray Singleton, President of Earthstone. "Expected production increases from horizontal wells in North Dakota were masked by the absence of revenue and income from our Colorado wells. Nevertheless, the sale of the Colorado properties last year was instrumental in raising the cash to fund these ongoing Bakken efforts. Furthermore, production and revenues from our Bakken wells have been delayed following the shift to multiple well 'pad drilling' in our North Dakota Bakken project. This strategy shift has significantly reduced costs, but has lengthened the time frame from the commencement of drilling to establishing production. Finally, declining oil prices relative to the fiscal 2012 quarter had a noticeable effect on revenue."

Singleton continued, "Moving forward, we believe the anticipated production from our recent drilling program should begin to be realized in the current quarter and we anticipate further recognition in the quarter ending June 30, 2013. In addition we expect a new surge in drilling activity as our partners implement their calendar 2013 budgets. In an effort to achieve continued long-term growth, the Company continues to pursue its strategy of drilling non-operated, horizontal Bakken wells where we have built the foundation for production growth. We are excited, as the investments we made in growth projects in past years are expected to benefit the Company in the future."

ABOUT EARTHSTONE ENERGY:
Earthstone Energy, Inc. is a growth-oriented independent oil and gas exploration and production company with primary operations in the Williston Basin and southern Texas. Earthstone is currently traded on NYSE MKT under the symbol ESTE. Information on Earthstone can be found at its web site: www.earthstoneenergy.com.

THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking, and therefore involve uncertainties or risks that could cause actual results to differ materially. Forward-looking statements can be identified by words such as "could," "should," "may," "will," "anticipate," "expect," "estimate," "intend" or "continue," or comparable words or phrases. In addition, all statements other than statements of historical facts that address activities that Earthstone intends, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements also include comments regarding assumptions regarding production rates and growth, operating costs, reduction of operation costs, commodity prices, industry outlook, future drilling activities, acquisitions and industry opportunities. Factors that could cause actual results to differ materially include availability of rigs and services, price volatility of oil and gas, estimated production rates and adjustments to ownership percentages in addition to economic and political events affecting supply and demand for oil and gas, loss of customers for oil and gas production and government regulations. These and other factors are discussed in more detail in Earthstone Energy's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for March 31, 2012 and Quarterly Reports on Form 10-Q for the three and six months ended June 30, 2012 and September 30, 2012, respectively. The Company disclaims any obligation to update forward-looking statements.



FINANCIAL HIGHLIGHTS

                                Nine Months Ended       Three Months Ended
                                  December 31,             December 31,
                            ------------------------ -----------------------
                                2012        2011         2012        2011
                            ----------- ------------ ----------- -----------

Revenue                     $ 7,990,000 $  8,936,000 $ 2,834,000 $ 3,866,000
                            ----------- ------------ ----------- -----------
Net income                  $ 1,126,000 $  2,545,000 $   370,000 $ 1,152,000
                            =========== ============ =========== ===========

Basic net income per share  $      0.65 $       1.49 $      0.22 $      0.68
Diluted net income per
 share                      $      0.65 $       1.49 $      0.22 $      0.68

Weighted avg. number of
 shares outstanding, basic    1,720,712    1,710,035   1,720,712   1,706,588
Weighted avg. number of
 shares outstanding,
 diluted                      1,710,035    1,710.035   1,706,588   1,706,588

CONTACT:
Ray Singleton
303-296-3076, ext. 102


About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Cloud Developer Stories
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have inf...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, H...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framewo...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API M...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE