PetroShale Inc. (“PetroShale” or the “Company”) is pleased to announce it has completed an acquisition of 105 net acres of land and a 1.5% average working interest in 11 producing wells in the Williston Basin Bakken and Three Forks play for a purchase price of $2.5 million in cash.
Current production net to PetroShale from seven wells is approximately 60 BOE per day (approximately 86% liquids). The other four producing wells remain on confidential status until June 2013. In addition to the 11 producing wells there are 10 permitted well locations from a total of 45 gross drilling locations in the area of the Williston Basin along the Mackenzie County/Mountrail County border.
“This transaction illustrates our strategy of purchasing non-operated interests in prime locations with strong near term drilling activity and economics”, says Evan Genaud, CEO of PetroShale. “Lease holders are feeling the financial pressures associated with the new paradigm of high well counts per drilling pad in the Williston Basin. We are able to help current owners monetize their assets while building a quality resource portfolio for PetroShale shareholders. ”.
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