PetroShare Corp. ("PetroShare" or the "Company") announced today that the Company completed the acquisition of mineral interests covering a 307 net acre parcel from a private party in its Southern Wattenberg Core area of Adams County, CO. The parcel has the potential to be developed with 8 gross (4 net) standard horizontal wells in multiple benches in the Niobrara formation and in the Codell sandstone formation.
In addition, the Company closed on its previously announced oil and gas lease acquisition covering 305 acres also located in the company's southern Wattenberg focus area supporting a combination of up to 16 gross (2.3 net) standard and extended length horizontal well bores.
The Company's strategic partner, Providence Energy Operators, LLC, will purchase 50% of the mineral interest and oil and gas leases acquired by the Company.
"In addition to pursuing larger asset transactions, the acquisition of mineral interests and additional oil and gas leases is consistent with our strategy to augment our quality acreage position with the acquisitions of greenfield opportunities by leveraging our real estate development experience in the core area," stated Stephen J. Foley, CEO of PetroShare.
Source: PetroShare Corp.
Date: Nov 21, 2016