PetroShare Corp. (OTC: PRHR) said April 6 it closed an acquisition of a producing well and associated leases in the Greater Wattenberg Field in Colorado. The seller and value weren't disclosed.
The lease totals about 320 net acres within the company's Todd Creek Farms Project in Adams County, Colo. The acreage is located in the southern end of the Greater Wattenberg Field in the Denver-Julesburg Basin.
The acquisition, coupled with other leases owned by the Centennial, Colo.-based company, represent a controlling interest in its multi-well Shook Pad.
PetroShare has submitted permit applications for 14 horizontal wellbores targeting the Niobrara and Codell formations on acreage that includes the newly-acquired leases, according to the release.
In addition, the lease acquisition includes an interest in two extended length Niobrara lease line lateral wells proposed to be operated by an established third party operator. The wells are anticipated to be drilled in the third quarter of 2016, the release said.
The company's participation in all of the wells is subject to receipt of additional working capital, the release said.
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