PetroShale Inc. is pleased to provide an estimate of our current production volumes.
Production has commenced from 5 gross (1.3 net) wells recently completed and tied-in to gas processing and transportation infrastructure. Total Company production, including these new volumes, is approximately 1,600 to 1,700 Boepd (1,250 to 1,320 Boepd net of royalty interest), an increase of 118% and 218% from our average first quarter 2015 and fourth quarter 2014 production, respectively. We anticipate these new wells, which form a significant portion of our corporate production, will be subject to natural declines as they mature.
Despite the challenging conditions currently facing the oil and gas industry, we continue to be encouraged by the performance of our US assets. By deliberately targeting land within the core of the North Dakota Bakken / Three Forks, and partnering with the best operators, we are exposed to the highest quality, most economic assets within the play. We believe this strategy will enable us to take advantage of the current low oil price environment by pursuing further acquisition and development opportunities in the core.