ENGLEWOOD, CO–(Marketwired – May 10, 2017) – PetroShare Corp. (OTCQB: PRHR) (“PetroShare”, the “Company”, “we”, or “our”), a Colorado based oil and gas exploration and production company with operations in the Wattenberg Field of the Denver Julesberg Basin, today provided an operations update.
Management Operations Update
Frederick J. Witsell, President of PetroShare, commented, “We are pleased with our progress in growing and developing our asset base and the resulting increase in production. In the first quarter, we averaged approximately 440 BOED net to our interest, including contributions from newly completed non-operated wells, many of which came on production late in the quarter. The ramp up in production continues in the second quarter as we exited April at a rate of approximately 1,300 BOED (3 phase) net to the Company. We believe that during the second quarter we will average between 1,300-1,500 BOED, which is above our original estimate. Our operating development program got underway in March on our Shook pad in Adams County, Colorado. We have completed the drilling and setting of the surface casing on all 14 horizontal wells on the Shook pad in preparation for moving in Ensign Rig 145 in mid-May to commence drilling the lateral portion of the wellbores. The Shook pad development program is comprised of six (6) Codell wells and eight (8) Niobrara wells targeting all three Niobrara benches. Drilling operations on the Shook pad are expected to conclude early in the third quarter and completion activities are planned to begin later in the third quarter.”
William Lloyd, Chief Operating Officer of PetroShare, added, “Prior to the recent tragedy in Firestone, Colorado, we contracted with a third party to conduct testing on all of our vertical well flowlines in and adjacent to occupied structures. Our well risk mitigation and safety program identified up to 22 wells which are within the 1,000′ buffer zone as per the notice given to operators by the COGCC on May 2, 2017. These wells are targeted for abandonment due to uneconomic production and/or they are no longer needed to hold leases as they are in horizontal drilling units slated for development in the next 12 months. Total production associated with the 22 targeted vertical wells is less than 10 BOED net to our interest. We will continue to work closely with regulatory authorities, community leaders, and other stakeholders to maintain a safe environment and comply with applicable regulations as we move forward with our development plans.”
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