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PetroShare Dives into New Wattenberg Well Projects; Inks Credit Deal
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PetroShare has updated its non-op activity as well as entered into a new line of credit.
Non-Operated Activity
The Company is participating as a non-operator in several other projects in the Wattenberg Field.
These projects, which are currently either being drilled or are expected to commence completion activities by the end of 2016, include a 15% working interest in two extended-range lateral Niobrara wells, an 11% working interest in the first of ten anticipated standard-range Codell wells, and an average of a 17.6% working interest in up to 14 mid-range lateral wells (2.5 net wells to PetroShare's interest) on the aforementioned Jacobucci pad.
Credit Line
PetroShare has into a new revolving line of credit facility agreement with Providence Energy Partners III, LP, a Texas limited partnership and affiliate of Providence Energy Operators, LLC, the current lender under the Company's original line of credit.
The new line of credit provides the Company with the ability to borrow up to $10 million for the acquisition and development of oil and gas properties. All amounts borrowed under the line of credit are due and payable in full on April 13, 2017.
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