PetroShale Inc. ("PetroShale" or the "Company") (TSXV:PSH)
(OTCQX:PSHIF) is pleased to announce initial results from our
recently completed operated and non-operated wells and the
acquisition of additional acreage in one of our core areas.
Acquisition
PetroShale recently acquired additional acreage
in our South Berthold core area for an aggregate purchase price of
US$17.8 million, funded through the Company’s existing senior
credit facility. This acreage is largely undrilled and has
the potential to add a significant number of new net locations to
PetroShale’s high-quality drilling inventory.
Operated and Non-Operated Well
Results
PetroShale has drilled and completed four (3.7
net) new wells on two operated drilling spacing units (“DSUs”),
being “Primus” in the Antelope area and “Horse Camp” in the South
Berthold area of the North Dakota Bakken. The two Primus
wells were drilled on the same DSU as PetroShale’s first operated
well (“8H”) which was completed and placed on production in
December 2016. The two Horse Camp wells were completed on a
new operated DSU that PetroShale acquired in June 2017.
The Primus “3H” well was completed with a 9,550
foot long lateral in the Bakken formation and started producing on
a production test on March 5th. The 3H well produced at an
average rate for the last 28 days of approximately 1,880 barrels of
oil equivalent per day (“boepd”) including 1,466 barrels of oil per
day (“bopd”) and 2.5 million cubic feet of gas per day
(“mmcfd”). The Primus “4H” well was completed with a 7,120
foot long lateral in the Three Forks formation and started
producing on a production test on March 6th. The 4H well
produced at an average rate of approximately 1,319 boepd, including
1,031 bopd and 1.7 mmcfd over the last 27 days. We are
managing the flowback from these wells as they continue to clean up
and are seeing rates improve over time. Latest rates for the
3H and 4H wells are approximately 1,972 boepd and 1,607 boepd,
respectively, and PetroShale has an 85.8% working interest in these
Primus wells.
The Horse Camp “4-11H” well was completed with a
4,689 foot long lateral in the Bakken formation and started
producing on a production test on February 11th with an average
first 30 day rate of approximately 981 boepd, comprised of 821 bopd
and 0.96 mmcfd. The Horse Camp “104-11H” well was completed
with a 4,281 foot long lateral in the Three Forks formation and
started producing on a production test on February 11th with an
average first 30 day rate of approximately 907 boepd, including 759
bopd and 0.89 mmcfd. PetroShale has a 100% working interest
in these Horse Camp wells.
Our “8H” well has been shut-in since September
2017 when the well stopped flowing under natural pressure. We
left the well shut-in to protect it from offset fracing of our new
Primus wells and other wells in the vicinity, and then commenced a
workover to remove downhole equipment and deeper frac plugs that
were originally left in the well. At the time of shut-in, the
8H well had produced approximately 183,000 barrels of oil in less
than nine months. The well returned to production on March
29th and has averaged approximately 1,514 boepd, including 1,181
bopd and 2.0 mmcfd over the last four days.
PetroShale completed facilities and pipelines in
March that tied-in gas production from the new Primus and Horse
Camp wells to local gas gathering infrastructure. We
anticipate gas production at the 8H well to be tied-in by the end
of April.
In addition to our operated wells, PetroShale
participated (18.75% working interest) in four non-operated wells,
three of which were completed in November 2017 and a fourth in
February. In aggregate, these four wells are currently
producing approximately 2,575 bopd (483 bopd net to PetroShale’s
working interest) from the Middle Bakken and Three Forks
formations. Gas is currently being flared, with connection to
a local gas gathering system anticipated to occur late in the
second quarter.
PetroShale is very encouraged by the results
from these new wells as they have significantly increased our total
production. The Company’s March average working interest
production was approximately 5,300 boepd, compared to an average of
1,894 boepd in the third quarter of 2017. Anticipated gas
production tie-ins at 8H and the four new non-operated wells in the
second quarter are expected to add to working interest volumes.
Production volumes are subject to fluctuation as new wells
clean up, stabilize and naturally decline.
About PetroShale
PetroShale is an oil company engaged in the
acquisition, development and consolidation of interests in the
North Dakota Bakken / Three Forks.
For more information, please
contact:
PetroShale Inc.Attention: Mike Wood, President and CEOEmail:
Info@PetroShaleInc.comPhone:
+1.303.297.1407www.petroshaleinc.com
or
Cindy Gray5 Quarters Investor Relations, Inc.403.828.0146 or
info@5qir.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Note Regarding Forward-Looking
Statements and Other Advisories
Company interest means, in relation to the
Company's interest in production and reserves, the Company's
working interest (operating and non-operating) before the deduction
of royalties payable and including such entity's royalty interest
in production and reserves. Where volumes of production have
been presented, they have been presented as company working
interest, gross of royalties, except where otherwise noted.
The Company’s net of royalty production volume is the share of
production to the Company after all burdens, such as royalties and
overriding royalties, have been deducted from the Company's working
interest.
This press release contains forward-looking
statements and forward-looking information (collectively
"forward-looking information") within the meaning of applicable
securities laws relating to aspects of management focus,
objectives, strategies and business opportunities. More
particularly and without limitation, this press release contains
forward-looking information concerning: expectations on the
potential drilling locations on the Company's new acreage in South
Berthold, expected timing for the tie-in of gas volumes from 8H and
the Company's expectations for the addition of incremental
production volumes once flared gas has been tied-in. PetroShale
provided such forward-looking statements in reliance on certain
expectations and assumptions that it believes are reasonable
at the time, including expectations and assumptions concerning
production and decline rates, the geology of its acreage, the
availability of necessary infrastructure to tie-in gas production,
prevailing commodity prices, exchange rates, interest rates,
applicable royalty rates and tax laws; future production rates and
estimates of operating costs; performance of existing and future
wells; reserve and resource volumes; business prospects and
opportunities; the availability and cost of financing, labor and
services; the impact of increasing competition; ability to market
oil and natural gas successfully; and the Company's ability to
access capital.
Although the Company believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because the Company can
give no assurance that they will prove to be correct.
Forward-looking information addresses future events and conditions,
which by their very nature involve inherent risks and
uncertainties. The Company's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, the forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits the Company will derive therefrom.
Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press
release in order to provide security holders with a more complete
perspective on the Company's future operations and such information
may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists
of factors are not exhaustive. Additional information on these and
other factors that could affect our operations or financial results
are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). These forward-looking statements are made
as of the date of this press release and the Company disclaims any
intent or obligation to update publicly any forward-looking
information, whether as a result of new information, future events
or results or otherwise, other than as required by applicable
securities laws.
Oil and Gas Advisories:Where
amounts are expressed on a barrel of oil equivalent (“Boe”) basis,
natural gas volumes have been converted to Boe using a ratio of
6,000 cubic feet of natural gas to one barrel of oil (6 Mcf: 1
Bbl). This Boe conversion ratio is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Given the value ratio based on the current price of crude oil as
compared to natural gas is significantly different from the energy
equivalency of 6 Mcf: 1 Bbl, utilizing a conversion ratio at 6 Mcf:
1 Bbl may be misleading as an indication of value. In this
release, mboe refers to thousands of barrels of oil
equivalent.
Any reference in this news release to initial,
early and/or test or production/performance rates are useful in
confirming the presence of hydrocarbons, however, such rates are
not determinative of the rates at which such wells will continue
production and decline thereafter. Additionally, such rates may
also include recovered “load oil” fluids used in well completion
stimulation. While encouraging, readers are cautioned not to place
reliance on such rates in calculating the aggregate production for
PetroShale. The initial production or test rates may be estimated
based on other third party estimates or limited data available at
this time. In all cases in this news release initial production or
test rates are not necessarily indicative of long-term performance
of the relevant well or fields or of ultimate recovery of
hydrocarbons. Well-flow test result data should be considered to be
preliminary until a pressure transient analysis and/or well-test
interpretation has been carried out.
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