PetroShare acquires acreage in Wattenberg field


CENTENNIAL, Colorado -- PetroShare Corp. announced Monday that under its strategic land and leasing services agreement with Kingdom Resources, LLC, it has accepted an assignment of approximately 309 net acres covering all depths in parts of Township 1 South, Range 67 West, Adams County, Colorado.

The acreage is located in the southern end of the Greater Wattenberg oil and gas field. This area is actively undergoing horizontal development for the Niobrara and Codell formations by numerous operators.

PetroShare would have the ability to participate in an approximate 28.75% working interest behind an active DJ Basin operator in a series of Niobrara/Codell horizontal wells, which are currently pending approval by the Colorado Oil & Gas Conservation Commission.

PetroShare expects that this assignment will represent the first of additional acreage assignments to be generated under the company's services agreement with Kingdom Resources. The services agreement covers an area encompassing approximately 36 square miles in Adams County, Colorado.

Stephen J. Foley, CEO of PetroShare, remarked, "We are extremely pleased to see our agreement with Kingdom Resources bear fruit in an area that we believe represents one of the most attractive areas of Niobrara/Codell development in all of the DJ Basin. We believe that the Wattenberg Field provides one of the lowest unconventional resource development costs in the U.S. Consequently, this area provides the potential of compelling oil and gas development economics even at current lower commodity prices." 

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