CENTENNIAL, CO--(Marketwired - November 21, 2016) - PetroShare Corp. (OTCQB: PRHR) ("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.
About PetroShare Corp.
PetroShare Corp. is a domestic 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 news 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 the benefits that PetroShare expects from transactions and future development plans. 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 business, 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, risks related to receipt of working capital, 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, uncertainty as to calculation of crude oil and natural gas resources and reserves and other risks described in the Company's annual report on Form 10-K for the year ended December 31, 2015 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.