PetroShale Closes Acquisition Of EOG-Operated Wells In North Dakota

Purchased 18.75% WI in a proposed drilling unit in McKenzie County being operated by EOG Resources Inc.

PetroShale Inc. (OTC: PSHIF; TSXV: PSH) announced Jan. 27 the closing of its strategic asset acquisition in North Dakota for US$3.25 million.

PetroShale, of Calgary, purchased 18.75% WI in a proposed drilling unit in McKenzie County. The acreage is being spaced for eight wells and will be operated by Houston-based EOG Resources Inc. (NYSE: EOG). Four of the locations outlined have proved reserves of 474,800 barrels of oil equivalent (BOE).

The total purchase price included 200,000 common shares at $1.24 per share. The company used existing credit facilities and cash resources to fund the acquisition.