Earthstone Energy, Inc. (OTCBB: BSIC) announced today of a new development in their Banks Field project site. The Company’s majority partner in the Banks Field, Panther Energy Company, LLC. has sold its interest in the field, comprising nearly thirteen thousand gross mineral acres, to Brigham Exploration Company, (Nasdaq: BEXP), an oil and natural gas exploration company. Earthstone intends to participate in new wells proposed by Brigham or others that “pool or space” leasehold rights within spacing units they operate. This sale does not affect Earthstone’s leasehold rights in the area.
Brigham applies 3-D seismic imaging and other technologies to look for and develop onshore domestic oil and natural gas reserves. The Earthstone Energy Bank Fields project is poised to gain further exploration with this new technology, which has been proven instrumental in demonstrating the economic viability of the Williston basin. This is incredible news for Earthstone Energy, which is ecstatic with the development. With Brigham Exploration now involved, the Company expects drilling on one well, possibly two, by end of the calendar year.
As of September 1st, Brigham Exploration Company had a short interest of 6.8% of the total public float, lower than its industrial peers but higher than what is typically figured to be comfortable for the average investor. But while looking at the current ratio, assets divided by liabilities, it has a solid ratio of 3:2 and an expected short term health. All good news to Earthstone Energy as it expects to move forward with Brigham in the coming months.
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