PetroShare Corp. completed the acquisition of producing vertical wells and associated leases in the southern core of the Greater Wattenberg Field in the D-J Basin of Colorado for $6 million total consideration, the company said July 5.
The assets total about 4,850 gross and about 2,200 net acres in Adams County, Colo.; and a significant portion of the acreage is located within the company's Todd Creek Farms project area in Township 1 South, Range 67 West. PetroShare said that all of the acreage is currently HBP.
This acquisition immediately added about 125 barrels of oil equivalent per day of production from existing wells with upside potential through workovers. The acquisition also provided drilling potential for up to 36 Niobrara and Codell horizontal wells. The acquisition includes a fully-permitted eight-well pad and working interest in 12 horizontal wells recently proposed by a surrounding operator.
PetroShare, based in Centennial, Colo., will be the operator in the acquired acreage position, while its strategic partner will participate in 50% of the interest acquired.
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