Earthstone Energy Reports 1st Quarter Results

DENVER, Aug. 13 /PRNewswire-FirstCall/ -- EARTHSTONE ENERGY, INC. (OTC Bulletin Board: BSIC) reported net income of $378,000, or $0.02 per diluted share, on revenue of $1,764,000 for the first quarter of fiscal 2011, ended June 30, 2010 (2010).  This compares to net income of $249,000, $0.01 per share on a diluted basis, on revenue of $1,476,000 for the first quarter of fiscal 2010, ended June 30, 2009 (2009).  The $303,000 (20.8%) increase in oil and gas sales revenue was due primarily to higher oil and gas prices in 2010 relative to 2009. Net income for 2010 increased $129,000 (51.8%) from 2009.  Other factors which contributed to our annual results are disclosed in the Company's most recent Form 10-Q.

Earthstone Energy is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the Gulf Coast area.  Earthstone Energy is traded on the Over The Counter Bulletin Board under the symbol BSIC.  Information on Earthstone Energy 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 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 price volatility of oil and gas, 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 filed for March 31, 2010.  The Company disclaims any obligation to update forward-looking statements.

SOURCE Earthstone Energy, Inc.