Earthstone Energy, Inc. issued an operational update on its oil and gas activities in North Dakota, where the company is active in developing the Bakken formation on its properties.

Earthstone Energy, Inc. reported that the Fossum 15-35H well has been drilled, completed and put onto production. This well cost $6.4 million and was drilled to a depth of 20,670 feet into the Bakken formation.

The Foxxum 15-35H well is located in the Indian Hill Field in McKenzie County, North Dakota. SM Energy, Inc. (SM) is the operator of the well and has not released production statistics yet.

Earthstone Energy, Inc. also reported the Ceynar 29-32H well located in the Banks field in McKenzie County, North Dakota. The well was drilled to a total depth of 21,068 feet into the Bakken formation and was drilled and completed at a total cost of $7 million. Earthstone Energy, Inc. expects first production from the Ceynar 29-32H well in February 2011.

Earthstone Energy, Inc. is an oil and gas exploration and development company focused on the United States, with properties in Colorado, Texas, North Dakota and Louisiana. The company was formerly known as Basic Earth Science Systems, Inc.

For more information on the company, go to www.earthstoneenergy.com