American Oil and Gas Reporter - May 2017 - 53

SpecialReport: Market In Motion

FTP (psi)

Start
foam

25

End
effect on
injector

Injector I1
0

50

100

150

200

250

300

350

Producer P3

20

600
500

10

40

400
300
200
100
0

100

200

300

Producer P4

35

Oil Production (bbl/d)

400

15

GOR (Mcf/bbl)

500
300

10

200

5

100
0

100

200

300

Producer P5

80

0

300
250

70
60

200

50

150

40

100

30
20

GOR (Mcf/bbl)

Oil (bbl/d)

900

600

20

50

10
0

1,000

700

25

0

0

800

30

90

900
700

15

0

1,000

800

5

PetroShare Completes
$5.1 Million Acquisition
CENTENNIAL, CO.-PetroShare Corp.
has closed its purchase and sale agreement
for vertical wells and leases on 15,514
gross (11,218 net) acres principally located
in Adams and Weld counties, Co.
The acquisition includes 3,500 gross
(1,300 net) acres in the company's Niobrara/Codell focus area in Adams County,
which is within the Southern Core portion
of the Wattenberg Field in the DenverJulesburg Basin of northeastern Colorado.
PetroShare says the acquisition has potential for as many as 60 (30 net) Niobrara
and Codell standard and extended-length
horizontal wells.
PetroShare says company production
will increase 63 barrels of oil equivalent
a day from 32 producing wells on the
acreage, and the acreage holds as many
as 40 identified conventional well locations. Additional locations will be delineated with modern 3-D seismic, and the
company says some areas could be developed with horizontal wellbores.
The purchase price was $5.1 million
in cash after adjustments for product inventory and suspense accounts, the company says. PetroShare's strategic partner
and lender, Providence Energy Operators
LLC, has purchased a 50 percent interest
in the acquired wells and oil and gas
leases.
❒

2,000
1,500
1,000
500

Stop
foam

GOR (Mcf/bbl)

Editor's Note: The authors acknowledge J. Cochran at Denbury Resources,
Lahcen Nabzar at IFP Energies Nouvelles,
Emie Lacombe at Solvay, and Patrick
Dwyer at Tayrona Field Services for their
contributions to the preceding article,
which was adapted from SPE 183352, a
technical paper presented at the Society
of Petroleum Engineers 2016 International
Petroleum Exhibition & Conference, held
Nov. 7-10 in the United Arab Emirates.

FIGURE 4
Oil Production and GOR for P3, P4 and P5 Producing Wells

Oil (bbl/d)

erage oil production remained fairly constant while GOR decreased and CO2 injection efficiency increased strongly. This
is interpreted as a consequence of the
injected CO2 flooding new reservoir
zones with higher residual oil saturation.
This foam pilot project translates into
significant savings in CO2 that can be
deployed to other CO2 EOR operations,
and demonstrates that foam can be applied
simply to improve both CO2 efficiency
and oil production-even with low-quality
injection water.
❒

Oil
0

100

GOR
Days

200

300

0

MAY 2017 53
American Oil and Gas Reporter - May 2017

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