Earthstone Energy, Inc. is an independent oil and gas company. The Company is engaged in the acquisition and development of oil and gas reserves through activities that include drilling and development of undeveloped leases, as well as asset and corporate acquisitions and mergers. It operates through the oil and natural gas exploration and production segment. Its operations are all in the upstream segment of the oil and natural gas industry and all its properties are onshore in the United States. Its primary assets are in the Midland Basin in West Texas and the Delaware Basin in New Mexico. It has approximately 167,000 net acres in the Midland Basin that are highly contiguous on a project-by-project basis which allows the Company to drill multi-well pads. It has approximately 45,000 net acres in the Delaware Basin in New Mexico that are highly contiguous on a project-by-project basis which allows the Company to drill multi-well pads. It also owns assets in the northern Delaware Basin.