Earthstone Energy, Inc. | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions
Financial Advisor and Fairness Opinion

Earthstone Energy, Inc.

Value Not Disclosed 11/08/2016 Acquisitions & Divestitures Complete
Lead Banker: Brad Nelson
Public Companies
Show Tombstone

Transaction Details

  • On November 8, 2016, Earthstone Energy, Inc. (NYSE MKT: ESTE) ("Earthstone“ or the “Company”) and Bold Energy III LLC ("Bold"), a portfolio company of EnCap Investments L.P. ("EnCap"), announced that they have entered into a definitive contribution agreement (the "Agreement") under which Earthstone will acquire all of the outstanding membership interests of Bold, inclusive of producing assets and undeveloped acreage, in an "Up-C" transaction (the "Transaction")
  • Upon completion of the Transaction, current Earthstone stockholders will own approximately 39%of the combined company, and Bold members will own the remaining 61% on a fully diluted basis
  • Bold’s asset base consists of ~20,900 net surface acres (62,500 net effective acres) in the core of the Midland Basin, and current net production of ~2,320 Boepd (63% oil) predominantly from 18 gross (12.6 net) horizontal operated Wolfcamp wells
  • The Transaction represents a transformational shift for Earthstone to a high-growth, Midland Basin-focused operating company
  • The existing Earthstone management team, including President and CEO, Frank A. Lodzinski, will lead the combined company
  • Stephens Inc. served as independent financial advisor and provided a fairness opinion to the special committee of the board of directors of Earthstone

About the company

Earthstone Energy, Inc.

Earthstone Energy, Inc. is a growth-oriented independent oil and gas exploration and production company engaged in developing and acquiring oil and gas reserves through an active and diversified program that includes acquiring, drilling and developing undeveloped leases, asset and corporate acquisitions and exploration activities, with its primary assets located in the Midland Basin of west Texas, the Eagle Ford trend of south Texas, and the Williston Basin of North Dakota. Earthstone is traded on NYSE MKT under the symbol "ESTE."

Bold Energy III LLC

Bold Energy III is a Midland, Texas-based independent oil and gas acquisition and development company focused on acquiring and exploiting reserves in the Permian Basin. Management seeks to leverage their significant relationships and their extensive operational experience in the region in order to create value. EnCap initially partnered with the Bold management team through Bold Energy and Bold Energy II.

Sources: Company filings and publicly available information.
  1. This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the material. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.