PetroShale Inc. provide an update of its recent operational activities.
Stockyard Creek Field
On August 19, 2013, PetroShale closed the previously announced acquisition of 106 net leased acres in two overlapping 1280 acre drilling units within Stockyard Creek Field in Williams County, North Dakota, operated by Slawson Exploration Company. The first well, Sail & Anchor 4-13-14HBK, recently completed, has an estimated 24 hour initial production ("IP") of 1,533 BOE on a 6,375 ft. lateral. The second well, Coopers 2-15-14HBK, is waiting on completion. The third well, Tooheys 4-15-14HBK, is currently drilling, and the fourth well, Little Creature 1-15-14H, is expected to be drilled on the same pad with Coopers and Tooheys; with all three wells projected to be completed in December.
This Stockyard Creek project currently has a rig available to drill an additional 14-15 potential locations based upon promising results to date. Total capital expenditures, net to PetroShale, is projected to be $7 million. The Company expects to fund the acquisition and development through existing liquidity, PetroShale's revolving credit facility, and cash flow. The following table illustrates PetroShale's activity in Stockyard Creek.