ENGLEWOOD, CO / ACCESSWIRE / June 11, 2018 / PetroShare Corp. (OTCQB: PRHR) ("PetroShare" or the "Company") today provided an update on its operated and non-operated activities in the Wattenberg Field in the Denver Julesberg Basin in Colorado.
Frederick J. Witsell, President of PetroShare, commented, "Our participation in non-operated wells this year is contributing to production growth and we estimate that we will average between 900-1,200 BOED during the second quarter, which is up from the 680 BOED rate in the first quarter of 2018. We are currently completing the last of 14 wells on our operated Shook pad. Drill out and flow back of the initial wells on the pad is expected to begin in July. We experienced some delays in completion of the Shook wells due to weather and our service provider switching out to a second frack crew, which put us a few weeks behind our original timeline. We now expect the wells to achieve peak production during the third quarter of 2018. Offset operator results in the Todd Creek Farms area where the Shook wells are located have been encouraging, and if the Shook wells perform as expected, we estimate our production in the second half of 2018 will average between 2,800-3,100 BOED. Additionally, in collaboration with our partners, Providence Energy Operating and PEP III, we have executed acreage swaps and acquisitions with several other operators in our South Brighton asset area resulting in increased working interest in many of our operated drill site spacing units (DSUs). These activities have added nearly 750 acres net to our interest, representing a 33% increase in our footprint in South Brighton. We and our partners collectively now have a majority working interest in several of our DSUs and, in one unit specifically, own nearly a 99% working interest, which provides us with operational control of our leasehold enabling us to achieve greater capital efficiencies as we develop these assets. We believe we can further consolidate the working interest in our operated units going forward."
About PetroShare Corp.
PetroShare Corp. is an independent oil and natural gas exploration and development company that targets capital deployment opportunities in established unconventional resource plays. Its current focus is in the Niobrara/Codell formations and adjacent oil and gas producing zones in the Rocky Mountain region with specific targets in the Wattenberg field within the DJ Basin of northeast Colorado. For more information, visit www.PetroShareCorp.com.
Caution Concerning Forward-Looking Statements
This press release contains certain forward-looking statements and information, within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information express, as of the date of this release, PetroShare's estimates, forecasts, projections, expectations or beliefs as to certain future events and results. These forward-looking statements include, among others, statements regarding future drilling and completion operating results, and the benefits that PetroShare expects from transactions and other plans and objectives of management for future operations. Forward-looking statements and information are necessarily based on a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant financial, technical, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information.
Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, actions of third parties over which we have no control, the level of success in exploration, development and production activities, possible defects in title to properties, fluctuations in the market price of crude oil and natural gas, industry risks, possible federal and/or state initiatives related to regulation of hydraulic fracturing, risks related to permitting and the projected timeframes to receive the necessary permits, environmental risks and hazards, and other risks described in PetroShare's annual report on Form 10-K for the year ended December 31, 2017 and other filings with the Securities and Exchange Commission. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. PetroShare undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
Investor Relations Contacts
Jon B. Kruljac
SOURCE: PetroShare Corp.