April 24, 2018 - 7:00 AM EDT
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PetroShare Announces Additions to its Board of Directors

ENGLEWOOD, CO / ACCESSWIRE / April 24, 2018 / PetroShare Corp. (OTCQB: PRHR) ("PetroShare" or the "Company") today announced it has added three new members to its Board of Directors.

Management Comment

Stephen J. Foley, CEO, of PetroShare Corp. stated, "As per the Credit Agreement we entered into with Providence Wattenberg, LP and 5NR Wattenberg, LLC on February 1, 2018, the parties are entitled to appoint three members to our Board of Directors. The three new board members are Mr. Michael Allen, Mr. Joseph Drysdale and Mr. Cullen Schaar. We believe that each new member is qualified to serve on our board and we look forward to their contributions to PetroShare Corp. as we strive to enhance shareholder value."

Appointee Biographies

Michael Allen

Mr. Allen is the President of Providence Energy Corp., an independent oil and gas investment company he founded in 1993. Mike is a certified public accountant and started his career in Dallas with Ernst and Ernst, followed by 11 years with Headington Oil Company. Providence Energy Corp. is and has been active in various aspects of the energy industry, including exploration and production, upstream and midstream ventures, and the ownership and management of oil, gas and other minerals. Mike has been on several for profit and/or non-profit boards over the past decades.

Joseph Drysdale

Joseph Drysdale is a co-founder and managing partner of Fifth Partners, an investment firm focused on leadership development. He is involved in all aspects of growth and management of the firm and has direct responsibility for Fifth's Energy and Real Estate platforms. Mr. Drysdale has 15 years of experience building and investing in companies and currently serves as a director for numerous companies.

Cullen Schaar

Cullen Schaar is Executive Vice President of Indigena Capital, a merchant bank focused on investing in partnerships with Tribal Nations in the United States and First Nations, Inuit and Métis peoples in Canada. Mr. Schaar has 11 years of experience making private equity investments on behalf of Indigena Capital, Providence Energy Corp., Leucadia National Corporation, and Jefferies Capital Partners. He has broad experience making control and non-control investments in multiple commercial sectors including specialty finance, distribution, logistics and transportation, and business services. Mr. Schaar currently serves as an independent director of Epic Gas Ltd., a Singapore and London-based liquefied petroleum gas shipping business. He holds a B.A. from the Plan II program and a B.B.A. in Finance from The University of Texas at Austin.

About PetroShare Corp.

PetroShare Corp. is an independent oil and natural gas exploration and development company that targets capital deployment opportunities in established unconventional resource plays. Its current focus is in the Niobrara/Codell formations and adjacent oil and gas producing zones in the Rocky Mountain region with specific targets in the Wattenberg field within the DJ Basin of northeast Colorado. For more information, visit www.PetroShareCorp.com

Caution Concerning Forward-Looking Statements

This press release contains certain forward-looking statements and information, including "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information express, as of the date of this release, PetroShare's estimates, forecasts, projections, expectations or beliefs as to certain future events and results. These forward-looking statements include, among others, statements regarding future drilling and completion operating results, and the benefits that PetroShare expects from transactions and other plans and objectives of management for future operations. Forward-looking statements and information are necessarily based on a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant financial, technical, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information.

Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, actions of third parties over which we have no control, the level of success in exploration, development and production activities, possible defects in title to properties, fluctuations in the market price of crude oil and natural gas, industry risks, possible federal and/or state initiatives related to regulation of hydraulic fracturing, risks related to permitting and the projected timeframes to receive the necessary permits, environmental risks and hazards, and other risks described in the Company's annual report on Form 10-K for the year ended December 31, 2017 and other filings with the Securities and Exchange Commission. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. PetroShare undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

CONTACT INFORMATION

Investor Relations Contacts

PetroShare Corp.
Jon B. Kruljac
303-520-7479
Email: [email protected]

SOURCE: PetroShare Corp.


Source: ACCESSWIRE (April 24, 2018 - 7:00 AM EDT)

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