CENTENNIAL, CO–(Marketwired – January 16, 2016) – PetroShare Corp. (OTCQB: PRHR) announced today that the Company has entered into a non-binding Letter of Intent with Kerr McGee Oil & Gas Onshore LP for the acquisition of a producing well and associated leases within its Todd Creek Farms project covering all depths in parts of Township 1 South, Range 67 West, Adams County, Colorado. Closing of the acquisition is subject to the finalization of a definitive agreement. The acreage is located in the southern end of the Greater Wattenberg oil and gas field. In addition, the Company has acquired other leases under its strategic land and leasing services agreement with Kingdom Resources, LLC (“Kingdom”). These lease acquisitions will bring the Company’s net lease position in the Wattenberg to approximately 337 net acres. As part of the Company’s 2016 capital program, it has received regulatory approval of one seven (7) well drilling unit and has filed for a regulatory spacing request of an additional seven (7) well drilling unit. The Company is in the process of permitting up to fourteen (14) horizontal well bores targeting the Niobrara and Codell formations pursuant to the referenced drilling spacing units on its Shook Pad located in Adams County, CO.
ABOUT PETROSHARE CORP
PetroShare Corp. is a domestic oil and natural gas exploration and development company based in Centennial, Colorado. PetroShare 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.