SOURCE: PetroShare Corp.


August 03, 2017 07:00 ET

PetroShare Corp. Issues Second Quarter 2017 Production & Operations Update; Announces Second Quarter 2017 Financial Release Date

ENGLEWOOD, CO--(Marketwired - August 03, 2017) - PetroShare Corp. (OTCQB: PRHR), a Colorado-based oil and gas exploration and production company with operations in the Wattenberg Field of the Denver Julesberg Basin, today provided the production rate during its 2017 second quarter, the progress of its operated drilling program, and set the date of its second quarter financial operating results.

Second Quarter Production

During the second quarter of 2017, PetroShare's net production averaged 1,302 BOED, which represents an increase of 196% from the average production rate in the first quarter of 440 BOED. The production increase was largely attributable to the Company's continued participation as a non-operator in the 14-well Jacobucci pad. The 14 Jacobucci wells are mid-range laterals and represent approximately 2.4 wells net to PetroShare's interest. The wells are performing at or above original expectations.

Operations Update

As previously reported, the Company began drilling operations on its 14-well operated Shook pad during the second quarter of 2017. The Shook pad is split into a west half and an east half. The 7 wells on the west half have been drilled and are approximately 4,300 feet in lateral length while the 7 wells on the east half will be approximately 5,600 feet in lateral length. The Company is currently drilling the 12th well on the pad, having previously drilled, cased and cemented 11 wells. Drilling operations are scheduled to be completed in August and completion activities are expected to commence upon rig demobilization and facility installations, all of which is subject to capital availability. The Shook pad is comprised of 6 Codell wells, 4 Niobrara B, 2 Niobrara C and 2 Niobrara A bench wells. PetroShare retains an approximate 45% working interest and 38% net revenue interest in the 14 wells.

Frederick J. Witsell, President of the Company, commented, "We are pleased with the contribution made to our production by our non-operated assets, and that we are executing our operated drilling program according to the timeline and budget we set earlier this year. These activities are serving to increase our proved reserve base. We continue to build our asset base in the Wattenberg Field, both through asset purchases, such as the Morning Gun transaction which was completed last quarter, and through ongoing organic leasing efforts. Along with our strategic partner, we have assembled nearly 33,000 gross acres, 20,000 net acres (10,000 net to the Company) over the past eighteen months in the DJ Basin."

Financial Operations Release Date

PetroShare plans to issue its second quarter financial release on Monday, August 14th at 7am E.T.

Upcoming Investor Conferences

Members of PetroShare's senior management will participate in the following hosted investor events:

August 13-17, 2017 Denver, CO

Rocky Mountain Microcap Conference
September 25, 2017 Denver, CO

Johnson Rice & Company 2017 Energy Conference
September 25-27, 2017 New Orleans, LA

Presentations provided in conjunction with these events and event details will be available on PetroShare's website at at the time of the respective presentation.

About PetroShare Corp.

PetroShare Corp. is an independent 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:

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 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 targets, 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 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, receipt of working capital, 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, 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, 2016 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