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Earthstone Energy Enters Agreement With Oak Valley Resources

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May 19, 2014

On May 15, Earthstone Energy Inc. (NYSE MKT: ESTE) entered into a definitive exchange agreement with Oak Valley Resources LLC, the companies said jointly that day. The agreement was approved by Earthstone’s board of directors and Oak Valley’s board of managers, they added.

In exchange for about 9.1 million of its common shares, Denver-based Earthstone bought all of Oak Valley’s subsidiaries, including their producing assets, undeveloped acreage and about $138 million in cash, the companies said.

The amount of cash represented existing cash, plus $107 million of capital commitments that ...

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