October 10, 2018 - 7:00 AM EDT
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PetroShare Provides Operations and Production Estimate Update

ENGLEWOOD, CO / ACCESSWIRE / October 10, 2018 / PetroShare Corp. (OTCQB: PRHR) ("PetroShare" or the "Company") today provided an update on its operations in the Wattenberg Field in the Denver Julesburg Basin in Colorado.

Operations Update

Frederick J. Witsell, President of PetroShare, commented, "All 14 wells on our operated Shook Pad were completed and brought into production or flow back testing by the end of September as expected. However, due to midstream takeaway capacity constraints associated with compression expansion, the Shook pad has not yet reached its peak production potential. Tubing pressures on the wells remain robust and we are confident that the production will increase on the pad once the midstream company has finished its compressor expansion project. In the meantime, we continue to produce 3 to 6 wells on a rotating basis through our existing production facilities as pipeline pressures allow. To date, we have an average 24 hour, peak production rate of 445 BOED per well on the Shook Pad. Also, it appears to management that the Niobrara formation wells are still cleaning up and may have an increase in peak production. We have provided more detail of the production data in the table below. We are now forecasting that our production rate in the third quarter will be between 1,150 and 1,250 BOED, and in the fourth quarter we estimate our production will range between 2,000 and 2,600 BOED, depending on the midstream pipeline pressures and well performance for the remainder of the quarter."

Shook Pad, 24 hour Peak Production Averages


Formation

Oil bbls

Gas mcf

Water bbls

Choke

Tubing Pressure

Codell (6 wells)

502

308

118

10-12

2,400

Niobrara (8 wells)

329

371

478

10-14

2,100

About PetroShare Corp.

PetroShare Corp. is an independent oil and natural gas exploration and development company that targets capital deployment opportunities in established 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, within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information express, 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 activities, 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, 2017 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.

CONTACT INFORMATION

Investor Relations Contacts
PetroShare Corp.
Jon B. Kruljac
720-441-0719
Email: [email protected]

SOURCE: PetroShare Corp.



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Source: ACCESSWIRE (October 10, 2018 - 7:00 AM EDT)

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