PetroShale is a pure-play North Dakota Bakken / Three Forks producer focused on top-tier acreage quality and targeting the acquisition, development and production of oil and natural gas assets.
On January 13, 2022, we announced the appointment of a new management team and board member, an oversubscribed $54.5 million equity financing designed to recapitalize the Company, our 2022 capital budget and production guidance, along with a proposed name change to Lucero Energy Corp. Read more in our press release here.
PetroShale’s strategy is to acquire and develop tier one leases in the core of the prolific Williston Basin, where the Bakken / Three Forks resource is the most intense with stacked pay zones. The new management team has a strong track record of disciplined operating and consolidating success in the Williston Basin. Our assets are currently producing in excess of 10,000 boe/d (approximately 85% light oil and natural gas liquids), and offer compelling economic returns.
With increasingly positive market conditions expected to enhance resulting financial returns, the new management team is excited to implement a proven disciplined strategy of acquiring and exploiting assets. This entry point, combined with the new management team’s experience in consolidating and integrating acquisitions, as well as exploiting and exploring for resource‐in‐place assets in the Williston Basin, will provide a platform for focused growth through strategic acquisitions and internally generated prospects.