Steady growth for Earthstone Energy (OTC:BSIC) has attracted quite a number of buyers today as the stock’s volume has spiked to nearly a million shares traded compared to its average daily volume of only 16,000 shares. BSIC also hit a new 52-week high of $2.40 per share today which represents nearly a 100 percent increase in its stock price for the day. This lightly traded SmallCap stock has a market cap of $31 million and a 52-week range between $0.60 and $2.40 per share.
Revenues for the three and six months ended September 30, 2010 was $1,970,000 and $3,733,000, compared to revenues of $2,010,000 and $3,470,000 for the three and six months ended September 30, 2009.
Net income for the three and six months ended September 30, 2010 was $724,000 and $1,102,000, compared to net income of $271,000 and $520,000 for the three and six months ended September 30, 2009.
Oil sales volume decreased 6.3%, from 27,266 barrels in 2009 to 25,551 barrels in 2010 while there was an increase of 2.4% in the average price per barrel from $62.75 in 2009 to $64.26 in 2010. Gas sales volume decreased 47.3% from 84,140 thousand cubic feet (Mcf) in 2009 to 44,338 Mcf in 2010, while the average price per Mcf increased 108.5%, from $3.55 in 2009 to $7.40 in 2010.
Earthstone Energy is an independent oil and gas exploration and production company with primary operations in the Williston Basin, the Denver-Julesburg Basin in Colorado, southern Texas and the onshore Gulf Coast area.
Information on Earthstone can be found at its web site: www.earthstoneenergy.com.
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