THE WOODLANDS, TX /  November 8, 2016 / Earthstone Energy, Inc. (NYSE MKT: ESTE) ("Earthstone", the "Company", "we" or "us"), today announced financial and operating results for the three month period ended September 30, 2016.

 

Third Quarter 2016 Summary

Average daily production of 3,979 Boepd

Total revenue of $11.1 million, which includes the effects of realized hedges

Net loss of $3.9 million

Adjusted EBITDAX(1) of $2.8 million 

(1) See "Reconciliation of Non-GAAP Financial Measures" section below.

Operations Update – Eagle Ford

MIDLAND, Texas, Oct. 25, 2016  -- Legacy Reserves LP ("Legacy") (LGCY) today announced that it has executed a second lien term loan credit agreement (the “Second Lien”) with GSO Capital Partners LP (“GSO”) to provide loans in an aggregate amount up to $300 million.  Advances under the Second Lien will be issued with an upfront fee of 2%, bear interest of 12.0% per annum and mature, subject to certain conditions, on August 31, 2021.  Legacy intends to use the initial $60 million of gross loan proceeds to repay outstanding indebtedness and pay associated transaction expenses.

HOUSTON, Oct. 24, 2016  -- SAExploration Holdings, Inc.(SAEX), or SAE, today announced that it has received approximately $24.4 million of tax credit certificates from the state of Alaska’s Department of Revenue. SAE further announced that as a result of receiving these tax credit certificates, and having substantially satisfied the conditional requirements under its senior term loan facility (the “Senior Loan Facility”), it has been granted access to the remaining $15.0 million of funding available under its Senior Loan Facility.

 

Jeff Hastings, Chairman and CEO of SAE, commented, “We are very pleased that we have begun to receive tax credit certificates from the State of Alaska sooner than expected and access to the remaining $15.0 million under our Senior Loan Facility ensures our ability to progress through the receipt and monetization of the remaining tax credits. We believe the value that can ultimately be derived from these tax credit certificates, and those yet to be issued, will be highly accretive to the company and to our stockholders.”

CALGARY, Sept. 27, 2016 - Montana Exploration Corp. ("Montana Exploration" or the "Company") (TSXV:MTZ.V -News) today announced that it has entered into an agreement (the "Farmout Agreement") under which the Company will drill and operate five Shaunavon oil well prospects that were delineated using the Company's extensive 3D Seismic on its directly held and option lands comprising approximately 447,000 acres (or 689 square miles) in Blaine & Hill Counties, Montana.

 

Drilling Program & Farmout

The Farmout Agreement was entered into with Rioco Partners, Ltd. ("Rioco"), a company managed by Montana Exploration's largest shareholder, who is also a director and "control person" of Montana Exploration.  Five prospect wells identified by 3D Seismic will be drilled under the Farmout Agreement, targeting undiscovered recoverable resources of over 21 million barrels of oil, with the first well intended to be spudded on or about October 4, 2016 (the "Drilling Program").  All five wells will be drilled vertically to approximately 4,000 feet and are expected to cost approximately CAD$750,000 per well for a total program cost ofCAD$3.75 million.