Earthstone Energy Announces Promotion of Robert J. Anderson to President

Also Announces Additional Officer Appointments

THE WOODLANDS, Texas–(BUSINESS WIRE)–Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone”, the “Company” or
“we”), today announced the promotion of Robert J. Anderson to President,
effective immediately. Mr. Anderson has served as Executive Vice
President, Corporate Development and Engineering of the Company since
2014. Frank A. Lodzinski will remain Chief Executive Officer and
Chairman of the Board of Directors. In addition to Mr. Anderson’s
promotion, the Company also promoted Leonard W. “Lenny” Wood to Vice
President of Exploration and Development and ratified the appointment of
Lane T. McKinney to Vice President of Land in order to facilitate the
Company’s anticipated growth.

Mr. Lodzinski commented, “I am very pleased to announce the promotion of
Robert Anderson to President of Earthstone. This promotion reflects his
dedication and extensive contributions to Earthstone, as well as his
strong leadership amongst our management team. Robert is well-deserving
of the President role, and I have absolute confidence in his proven
leadership and continued valuable contributions as we build on our prior
successes.” Mr. Lodzinski further commented, “We are also pleased to
announce the promotions of Lenny Wood and Lane McKinney as they have
worked tirelessly to help position Earthstone to become a premier
operator in the Midland Basin and will be instrumental in helping our
Company continue to grow.”

Mr. Anderson commented, “I am humbled and excited to have the
opportunity to lead in my new role as President as we take the Company
to its next level. Earthstone is well positioned with a high quality
acreage footprint in a premium oil producing basin and a strong balance
sheet to achieve meaningful growth. I am proud of what we have built in
just a few years and optimistic that we can continue to successfully
execute our growth plans.”

About Earthstone

Earthstone Energy, Inc. is a growth-oriented, independent energy company
engaged in developing and operating oil and gas properties. The
Company’s primary assets are located in the Midland Basin of West Texas
and the Eagle Ford trend of south Texas. Earthstone is currently traded
on NYSE under the symbol “ESTE.” For more information, visit the
Company’s website at www.earthstoneenergy.com.

Contacts

Earthstone Energy, Inc.
Mark Lumpkin, Jr., 281-298-4246
Executive
Vice President – Chief Financial Officer
mark.lumpkin@earthstoneenergy.com
or
Scott
Thelander, 281-298-4246
Director of Finance
scott@earthstoneenergy.com