Common Stock

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Common Stock

Note 9. Common Stock

At December 31, 2016 and 2015, there were 22,289,177 and 13,835,128 shares of Common Stock issued, respectively, both including 15,357 shares of treasury stock held by the Company.

During the year ended December 31, 2016, there were the following changes to the Common Stock:

• On May 18, 2016, the Company acquired Lynden in an all-stock transaction issuing 3,700,279 shares of Common Stock, valued at $45.7 million on that date, to the holders of the common stock of Lynden. For additional information, see Note 3. Acquisitions and Divestitures.

• On June 21, 2016, the Company completed a public offering of 4,753,770 shares of Common Stock at an issue price of $10.50 per share.  The Company received net proceeds from this offering of $47.1 million, after deducting underwriters’ fees and offering expenses of $2.7 million. See Note 1. Organization and Basis of Presentation.

During the year ended December 31, 2015, there were no changes to the Common Stock.

During the year ended December 31, 2014, there were the following changes to the Common Stock:

• On December 19, 2014, pursuant to the Exchange Agreement, the Company issued 9,124,452 shares of Common Stock to OVR in exchange for the outstanding membership interests of OVR’s three subsidiaries and 1,753,388, provided as consideration, represented Earthstone’s legacy common stock, of which 15,357 shares represented Earthstone’s legacy treasury stock. For additional information, seeNote 1. Organization and Basis of Presentation.

• Immediately following the exchange, the Company, through its wholly owned subsidiary, Sabine, acquired an additional 20% undivided ownership interest in certain crude oil and natural gas properties located in Fayette and Gonzales Counties, Texas, in exchange for the issuance of approximately 2,957,288 shares of Common Stock. For additional information, see Note 1. Organization and Basis of Presentation.