Earthstone Energy (ESTE) announced the listing of its Class A common stock on the New York Stock Exchange after the latest reverse merger more than doubled the size of the company. The company became a controlled company, as the seller of the subsidiary that merged with Earthstone obtained a controlling interest in the common stock of the company. There were about 22 million shares outstanding before the merger and will be more than 58 million after the merger is complete and the proper conversions occur. In exchange for all those shares, the company now has a presence in the Midland Texas area much greater than the previous presence. Plus the company now has operated properties to complement its non-operated properties.
Source: Earthstone Energy Corporate Presentation, May 2017
