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Midstream Constraints Hamper PetroShare's Latest DJ Basin IP24s

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PetroShare Corp. has reported its results from its Shook Well Pad in the DJ Basin of Colorado.

Due to midstream takeaway capacity constraints associated with compression expansion, the Shook pad has not yet reached its peak production potential.

Shook Pad - IP24s

Frederick J. Witsell, President of PetroShare, commented, “All 14 wells on our operated Shook Pad were completed and brought into production or flow back testing by the end of September as expected. However, due to midstream takeaway capacity constraints associated with compression expansion, the Shook pad has not yet reached its peak production potential. Tubing pressures on the wells remain robust and we are confident that the production will increase on the pad once the midstream company has finished its compressor expansion project.

"In the meantime, we continue to produce 3 to 6 wells on a rotating basis through our existing production facilities as pipeline pressures allow. To date, we have an average 24 hour, peak production rate of 445 BOED per well on the Shook Pad. Also, it appears to management that the Niobrara formation wells are still cleaning up and may have an increase in peak production. We have provided more detail of the production data in the table below. We are now forecasting that our production rate in the third quarter will be between 1,150 and 1,250 BOED, and in the fourth quarter we estimate our production will range between 2,000 and 2,600 BOED, depending on the midstream pipeline pressures and well performance for the remainder of the quarter.”