SOURCE: PetroShare Corp.

PetroShare Corp.

April 19, 2016 06:30 ET

PetroShare Corp. Announces Closing of Lease Acquisition and Assumption of Permitted Well Inventory

CENTENNIAL, CO--(Marketwired - April 19, 2016) -  PetroShare Corp. (OTCQB: PRHR) announced today that the Company has closed on the acquisition of an oil and gas lease from an independent third party totaling approximately 378 net acres in Section 5 of its Todd Creek Farms project located in Township 1 South, Range 67 West, Adams County, Colorado. The lease acquisition includes an average working interest net to PetroShare of approximately 20% in fourteen (14) fully permitted mid-length Niobrara and Codell horizontal wells proposed by one of the most respected operators in the DJ Basin.

Frederick J. Witsell, President, stated, "This lease acquisition represents a significant addition to the Company's quality core inventory and resource base as well as the opportunity to partner with a leading area operator."

The acreage is located in the southern end of the Greater Wattenberg oil and gas field in the DJ Basin. The Company's participation in all of these wells is subject to receipt of additional working capital.

ABOUT PETROSHARE CORP

PetroShare Corp. is a domestic oil and natural gas exploration and development company based in Centennial, Colorado. PetroShare 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.

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 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 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 as filed 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.

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