PetroShare Corp. said Oct. 18 that on Oct. 13, it entered into a new revolving line of credit facility agreement with Providence Energy Partners III LP. The company can now borrow up to $10 million for A&D of oil and natural properties.
Providence Energy Partners is an affiliate of Providence Energy Operators LLC, the current lender under the original line of credit.
All amounts borrowed under the new line of credit are due and payable in full on April 13, 2017.
PetroShare also said that on Oct. 14, it completed the acquisition of additional royalty interests in 10 Jacobucci pad horizontal wells located on its Todd Creek Farms prospect, which increases the company's net revenue interest in each well by about 1.15%.
The Jacobucci wells, which are operated by a third-party operator, have been drilled and/or cased and are scheduled for completion in the first quarter of 2017.
PetroShare said it borrowed $1.55 million under the new line of credit to pay its share of the purchase price for the royalty interests and additional development costs.
PetroShare is also participating as a nonoperator in several other projects in the Wattenberg Field, including a 15% working interest in two extended-range lateral Niobrara wells, an 11% working interest in the first of 10 anticipated standard-range Codell wells, and about 17.6% working interest in up to 14 mid-range lateral Jacobucci wells.
PetroShare Corp. is based in Centennial, Colo.
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