PetroShare Corp. announced that under its strategic land and leasing services agreement with Kingdom Resources LLC, it has accepted an assignment of about 309 net acres covering all depths in parts of Township 1 South, Range 67 West, Adams County, Colo. The acreage is located in the southern end of the Greater Wattenberg oil and gas field. The area is actively undergoing horizontal development for the Niobrara and Codell formations by numerous operators.
As of the March 2 statement, PetroShare would have the ability to participate in a 28.75% working interest behind an active DJ Basin operator in a series of Niobrara/Codell horizontal wells currently pending approval by the Colorado Oil & Gas Conservation Commission. The company expects that this assignment will represent the first of additional acreage assignments to be generated under its services agreement with Kingdom Resources. The services agreement covers an area encompassing about 36 square miles in Adams County.
Closing of the acquisition is subject to certain contingencies, including receipt of additional capital by the company.
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