Earthstone Declares Cash Dividend

THE WOODLANDS, Texas, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company”), today announced that its Board of Directors declared a cash dividend of $0.1446 per share of Class A and Class B common stock. The dividend is payable on November 6, 2023, to shareholders of record as of October 31, 2023 who hold their shares through the closing of Earthstone’s previously announced merger with Permian Resources Corporation (NYSE: PR) (“Permian Resources”).

The special dividend is conditioned upon the closing of the transaction and is being declared in accordance with the terms of the merger agreement, which provides that (a) the record date of the special dividend will be the close of business on the business day immediately preceding the closing date and (b) the special dividend will be paid three business days after the closing date. Accordingly, the record date and payment date may change based on the actual closing date of the transaction. Earthstone expects the closing date of the transactions will be November 1, 2023, which closing remains subject to the respective approvals of Earthstone’s and Permian Resources’ stockholders and the satisfaction or waiver of other closing conditions.

About Earthstone

Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in acquisition, development and operation of oil and natural gas properties. Its primary assets are located in the Permian Basin of west Texas and New Mexico. Earthstone is listed on the New York Stock Exchange under the symbol “ESTE.” For more information, visit Earthstone’s website at www.earthstoneenergy.com.

No Offer or Solicitation

This communication relates to a proposed business combination transaction (the “Transaction”) between Earthstone and Permian Resources. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the Transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.