DENVER, Sept. 23 -- EARTHSTONE ENERGY, INC. (OTC Bulletin Board: BSIC.ob old ESTE symbol) reported Panther Energy Company, LLC, its majority partner in the Banks Field, has sold its interest in the field, comprising nearly thirteen thousand gross mineral acres, to Brigham
Exploration Company. This sale does not affect Earthstone's leasehold rights in the area and Earthstone expects to retain its oil and gas interests. As in the past Earthstone intends to participate in new wells proposed by Brigham, or others, that "pool or space" our leasehold rights within spacing units they operate.
"We are not just excited by this development, we are ecstatic," commented Ray Singleton, president of Earthstone. "Brigham is on the forefront of the application of new stimulation technology in Bakken wells and has been instrumental in demonstrating the economic viability of this area of the Williston basin. With Brigham now involved, we expect the pace of development to heat up. Based on conversations with Brigham, we anticipate drilling one well, possibly two, on this acreage before the end of the calendar year."
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: I am long ESTE.