ENGLEWOOD, Colo., March 07, 2018 (GLOBE NEWSWIRE) -- PetroShare Corp. (OTCQB:PRHR), (“PetroShare” or the “Company”), a Colorado-based oil and gas exploration and production company with operations in the Wattenberg Field of the Denver-Julesburg Basin, announced that it has entered into an agreement to fracture stimulate 14 wells on its operated Shook Pad and that the Company has agreed to participate in new non-operated horizontal wells in the Wattenberg Field.
Frederick Witsell, President of PetroShare, commented, “We are pleased to initiate final completion activities on our operated Shook Pad. We have entered into an agreement with a major service provider to fracture treat all the wells on the Shook pad, which targeted all three benches of the Niobrara plus the Codell sandstone formations. Pressure pumping equipment is scheduled to be on location at the end of March with all completion activities and production facilities expected to be finalized by mid-May. The cost estimate is within our original budget for completions. As part of the completion activities, we have entered into gathering agreements to move both our oil and gas by pipeline, eliminating the need for a large tank farm. Subject to the completion of the pipeline by an independent third party in mid-May, we anticipate initial production to begin in late May with full production by the end of June.”
Mr. Witsell continued, “Offset well results by third parties adjacent to our Shook pad have been robust, and the increasing activity throughout the Todd Creek Farms area, where the Shook pad is located, is an indication of the excellent geological characteristics of our leasehold. In addition to our Shook wells, we are currently participating in 22 additional extended length horizontal wells as a non-operating working interest owner, of which 14 wells should be in production by the second quarter of 2018 with the additional 8 wells scheduled for completion in the third quarter. Altogether, the operated Shook Pad wells and the additional non-operated wells will add approximately 7.5 net horizontal wells to PetroShare’s asset base, a significant increase from less than three net wells in which we currently participate. We believe these activities will result in material increases in production, revenues and EBITDA for the Company in the second half of 2018. We feel that, with successful completion of the Shook wells and participation in the additional non-operated programs listed above, our production will average between 3,000 and 3,300 BOE/d in the second half of 2018.”
Financial Results Release Date
The Company will issue fourth quarter and 2017 full year financial results on March 28, 2018.
Upcoming Investor Conferences
Presentations provided in conjunction with these events will be available on PetroShare’s website at www.petrosharecorp.com at the time of the respective presentation. Members of PetroShare’s senior management will participate in the following hosted investor events, please refer to the Company's website for specific presentation dates and attendees:
Scotia Howard Weil 2018 Energy Conference
March 25-28, 2018 at the Roosevelt New Orleans Hotel, New Orleans, LA
Rocky Mountain Microcap Conference II
April 24, 2018 Denver, CO
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, including "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, 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 the Company's annual report on Form 10-K for the year ended December 31, 2016 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