Earthstone Energy, Inc. Announces Termination of Sabalo Acquisition and Cancellation of Special Meeting of Stockholders

Earthstone Energy Announces Northern Midland Basin Asset Acquisition for $950 Million and Preliminary 2019 Capital Expenditure Program and Operational Guidance

Dateline City:
THE WOODLANDS, Texas

THE WOODLANDS, Texas–(BUSINESS WIRE)–Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”),
today announced that due to the recent significant decline in commodity
prices and the related adverse effect on the debt and equity markets,
the Company and Sabalo Holdings, LLC (“Sabalo Holdings”) have entered
into an agreement to terminate the pending acquisition by the Company of
Sabalo Energy, LLC under a Contribution Agreement dated as of October
17, 2018, effective immediately.

Language:
English

Contact:

Mark Lumpkin, Jr.
Executive Vice President – Chief Financial Officer
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
mark.lumpkin@earthstoneenergy.com

Scott Thelander
Director of Finance
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
scott@earthstoneenergy.com

Ticker Slug:
Ticker:
ESTE

Exchange:
NYSE

read more

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *