Earthstone Energy announces third quarter results including initiating the completion of its 12-well Eagle Ford inventory.

Related: Earthstone Energy Looks to Resume Eagle Ford Activity

In May, Earthstone Energy allotted $4.0 million to spend on the Eagle Ford. Over the last three months, the company utilized that capitol to initiate the completion of 12 (5.3 net) Eagle Ford wells, which should be complete by the end of 2016. The company also brought four wells on-line in Karnes County and two wells within Fayette County.

Earthstone executives commented that they plan to re-establish our Eagle Ford drilling program early next year in southwestern Gonzales County that has the potential for 30 gross wells.

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

Read more at earthstoneenergy.com