With a pure-play focus in the Niobrara and Codell formations in the Wattenberg field, PetroShare (ticker: PRHR) holds approximately 9,900 net acres in northeastern Colorado.
Source: PetroShare Corp.
Petroshare has divided its focus between its Todd Creek Farms acreage and its Buck Peak Prospect. Both locations target oil and gas—with the Buck Peak displaying potential for coal bed methane and conventional gas production.
PetroShare is shifting to an operated drilling program, and reported that it will drill 14 wells on the Shook Pad in Q2, 2017, with approximately 30 additional permits issued or pending.
PetroShare is active in non-operated agreements in the area, with 17 gross, 2.9 net wells currently producing. The company also reported that it has identified approximately 200 gross (84 net) potential horizontal well locations on 8,900 net acres in the southern Core-Wattenberg.
Expected Growth
As of Q1, 2017, PetroShare produced an average of 440 BOEPD. The company anticipates growing production in the remainder of 2017 to approximately 1,300 BOEPD in Q2, ending 2017 at approximately 2,500 BOEPD production.
Source: PetroShare Corp.
Assets spread across the Wattenberg
PetroShare has directed much of its attention to the Southern Core-Wattenberg field, where its Todd Creek Farms acreage exists. In this location, the company has either permitted or is in the process of permitting approximately 100 gross drilling locations.
In the north Wattenberg, the company acreage contains up to 12 additional potential horizontal drilling locations.
In its Runway focus area, PetroShare has identified approximately 40 gross, 14 net vertical well locations in the Denver-Julesberg Sand. The company intends to examine the area for infill and horizontal drilling potential.
Source: PetroShare Corp.
In evaluating future horizontal drilling, PetroShare has examined methods for reducing the finding and development costs for its standard-range (SRL), mid-range (MRL), and extended-range (XRL) lateral wells. Mono-bores and longer laterals allow for reduced costs, the company said. For 2017, the company believes that it can reduce its capital expenditure per well to $3.6 million, $4.2 million, and $5.5 million for its SRL, MRL, and XRL wells, respectively.
PetroShare Corp. is presenting at EnerCom’s The Oil & Gas Conference® 22
PetroShare will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
Source: PetroShare Corp.
