SOURCE: PetroShare Corp.

PetroShare Corp.

May 11, 2016 19:21 ET

PetroShare Corp. Announces Additions to Its Board of Directors

CENTENNIAL, CO--(Marketwired - May 11, 2016) - PetroShare Corp. (OTCQB: PRHR) announced that it has added two independent directors to its Board. Mr. James Sinclair joins the Company's board as a 31 year veteran of the oil and gas industry with experience in exploration, development, acquisitions and divestitures of properties across the US. Mr. Sinclair is currently serving as the COO of Providence Energy Operators, LLC, a privately held Delaware LLC. Providence invests mostly in non-operated oil and gas properties across the US. Mr. Sinclair has been a co-founder of privately held oil and gas companies and served in a variety of positions with Denbury Resources Inc., a publicly-traded Delaware corporation with securities traded on the New York Stock Exchange. Mr. Sinclair received a B.S. in Geoscience from Northeast Louisiana University.

Mr. Scott Chandler also joins the Company's Board and has over 25 years of senior executive level management experience. He is the founder and owner of Franklin Court Partners, Inc., a private Colorado corporation providing management and financial consulting services in connection with developing business plans, securing financing and restructuring, a position he has held since 2001. Mr. Chandler earned an MBA from the Wharton School of Business at the University of Pennsylvania and a B.A. from Whitworth College. Mr. Chandler currently serves as a member of the board of directors of several privately-held and non-profit entities and has in the past served as a member of several public company boards. He has been determined to be an audit committee financial expert under applicable rules of the Securities and Exchange Commission.

Bill M. Conrad, Chairman of the Board, stated, "I'm very pleased and grateful that these two gentlemen would join our Company's board. It says a lot that two individuals with their experience and diverse backgrounds in finance, capital structure and energy development, have agreed to join in the effort to grow our shareholder value. I look forward to working with Jim and Scott in building a great company."


PetroShare Corp. is a domestic oil and natural gas exploration and development company based in, Colorado 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.

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 expressed, as of the date of this news 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 the benefits that PetroShare expects from transactions and 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 business, 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, risks related to receipt of working capital, 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, uncertainty as to calculation of crude oil and natural gas resources and reserves and other risks described in the Company's annual report on Form 10-K for the year ended December 31, 2015 as filed 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.

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