Earthstone Energy, reported today that the August 2014 issue of the Oil & Gas Financial Journal (OGFJ) named Earthstone among the 20 Fastest Growing Companies for the first calendar quarter of 2014 (the most recent data). The OGFJ ranks U.S. based, publicly traded oil and gas producers quarterly in its “OGFJ150” article. Although primarily ranked in terms of assets, for the Fastest Growing benchmark, companies are ranked on the percentage increase in shareholders’ equity. While the Company was ranked 96th in terms of assets, the OGFJ ranked Earthstone the 12th Fastest Growing Company for the quarter.
Ray Singleton, President of the Company, stated, “We believe that the most impressive aspect of this new ranking is our net income performance. While our asset base is ranked 96th and our revenue was ranked 98th
, our low cost operating structure, relative to other publicly traded companies, has placed us into 69th place in terms of net income; out-performing approximately twenty-eight other companies that have an asset base and revenue stream larger than ours.”
“While it is indeed nice to be recognized,” Singleton continued, “we remain focused on our current efforts in the Bakken and in our recently announced Strategic Combination with Oak Valley Resources, LC.”