Earthstone Energy (ESTE) Announces 3M Share Repurchase

Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone", the "Company", "our" or "we"), announced today that it has purchased 3,000,000 shares of Earthstone's Class A Common Stock for a total purchase price of approximately $44 million (the "Share Repurchase") from certain affiliates of Warburg Pincus, LLC ("Warburg Pincus").

Separately and concurrently with the Share Repurchase, Warburg Pincus sold 3,750,000 shares of Class A Common Stock under Rule 144 of the Securities Act of 1933 (the "Block Trade"). As of October 11, 2022, including the impact of the Share Repurchase, Earthstone's outstanding share count of Class A Common Stock and Class B Common Stock is 139.7 million shares (including 105.4 million shares of Class A Common Stock). Including the impact of the Block Trade, Warburg Pincus owns approximately 12.9 million shares of Class A Common Stock, which represents approximately 9.3% of the total outstanding shares of Class A Common Stock and Class B Common Stock of the Company.

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