THE
WOODLANDS, Texas, June 2, 2022
/PRNewswire/ -- Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone"
or the "Company"), announced today it entered into an amendment to
the Company's senior secured revolving credit facility (the "Credit
Facility"), extending the maturity of the Credit Facility to
June 2027, increasing the Borrowing
Base from $1.325 billion to
$1.4 billion and reducing the
interest rate for amounts outstanding, amongst other things.
Elected commitments under the Credit Facility remain at
$800 million.
Robert J. Anderson, Earthstone's
President and Chief Executive Officer, commented, "Our lending
group has been a critical part of providing funding for the six
acquisitions we have consummated in the past year and a half, and
we are greatly appreciative of their ongoing support. Our
liquidity under the Credit Facility is strong and we continue to
expect to pay down significant amounts outstanding under our Credit
Facility for the remainder of 2022. With the extension of the
tenor of our Credit Facility, we have no debt maturities until
2027, providing Earthstone with continued financial flexibility as
we continue to pursue consolidation opportunities in the Permian
Basin."
About Earthstone Energy, Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy
company engaged in acquisitions and the development and operation
of oil and natural gas properties. Its primary assets are located
in the Permian Basin of west Texas and New Mexico. Earthstone is listed on the New
York Stock Exchange under the symbol "ESTE." For more information,
visit Earthstone's website at www.earthstoneenergy.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements that are not strictly historical statements constitute
forward-looking statements and may often, but not always, be
identified by the use of such words such as "expects," "believes,"
"intends," "anticipates," "plans," "estimates," "forecast,"
"guidance," "target," "potential," "possible," or "probable" or
statements that certain actions, events or results "may," "will,"
"should," or "could" be taken, occur or be achieved.
Forward-looking statements are based on current expectations and
assumptions and analyses made by Earthstone and its management in
light of experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors appropriate under the circumstances that involve various
risks and uncertainties that could cause actual results to differ
materially from those reflected in the statements. These risks
include, but are not limited to, those set forth in Earthstone's
annual report on Form 10-K for the year ended December 31, 2021, recent quarterly reports on
Form 10-Q, recent current reports on Form 8-K, and other Securities
and Exchange Commission ("SEC") filings. Earthstone undertakes no
obligation to revise or update publicly any forward-looking
statements except as required by law.
Contact
Scott Thelander
Vice President of Finance
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
scott@earthstoneenergy.com
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SOURCE Earthstone Energy, Inc.