PetroShare Corp.

28 Feb 2017material agreement● NeutralMajor

On February 23, 2017 PetroShare agreed to buy oil and gas leases on about 5,879 gross (2,930 net) acres in Adams and Weld Counties, Colorado from Morning Gun Exploration LLC for $2,582,500, with closing due by March 23, 2017. Its main lender and working interest partner (Providence) agreed to take 50% of the company's interest, leaving PetroShare about 1,465 net acres, $458,750 in cash and 450,000 newly issued shares (valued at $1.85 each, $832,500) for its share. A $258,250 refundable deposit was paid, and the price can change after title and environmental checks. This continues the string of Wattenberg/DJ Basin acreage purchases shared with Providence; the share issuance would add shares for existing holders.

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3 Feb 2017capital raising announcement● NeutralMajor

PetroShare completed the final closing of the private placement on January 30, 2017, raising $10,000,000 in total, including $4,731,950 in this last round from 42 investors for 94.64 units. The notes pay 10%, mature December 31, 2018 and convert at $1.50 per share, and the warrants allow purchases at $3.00 until December 31, 2019. The placement agent GVC Capital received $1,000,000 in commissions plus warrants for 666,600 shares at $1.50 expiring December 31, 2021. The company also now lists a new address in Englewood, Colorado. This completes the financing begun in December and adds convertible debt and warrants that could dilute shareholders.

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26 Jan 2017capital raising announcement● NeutralMajor

On January 20, 2017 PetroShare held a second closing of its convertible note private placement, selling 66.509 units to 64 more investors for $3,325,450 and paying its placement agent $332,545. On January 24 it raised the over-subscription option to 80 units, lifting the maximum offering to $10,000,000. This continues the financing that began in December.

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5 Jan 2017capital raising announcement● NeutralMajor

PetroShare began a private placement of units, each a $50,000 10% unsecured convertible note due December 31, 2018 plus 33,333 warrants at $3.00, with a target of up to 120 units ($6 million) and an option for 30 more. A first closing on December 30, 2016 raised $1,942,600 from 25 investors, including six officers or directors. Notes convert at $1.50 per share, so if converted they would dilute existing holders, and the money is meant for drilling, leasing, overhead and working capital. This is new financing beyond the Providence credit line.

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28 Dec 2016asset acquisition disposition▲ GoodMajor

PetroShare closed the Crimson purchase on December 22, 2016, which resolves the November agreement. The assets are leases on about 15,514 gross (11,218 net) acres, all held by production, plus about 38 wells, of which 32 were producing about 62.9 BOE/D (31.45 net to PetroShare). The final price was $5,119,704 after an upward adjustment; Providence Energy Operators took 50% of the interest for $2.5 million and the rest was funded by a draw on the Providence Energy Partners III credit line, so the deal added to the debt on that line. Further price adjustments may follow within 90 days, and financial statements for the acquisition are due by March 10, 2017.

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28 Nov 2016material agreement▲ GoodMajor

On November 21, 2016 PetroShare agreed to buy oil and gas leases (about 15,994 gross / 11,169 net acres in Adams, Arapahoe, Elbert and Weld Counties, Colorado) and interests in about 38 wells (32 producing, six shut-in) from Crimson Exploration Operating for $5,000,000, with closing set for December 22, 2016. It paid a $500,000 refundable deposit, and its main lender and working interest partner agreed to buy 50% of the company's interest, so PetroShare's own share of the cost and assets would be about half. The closing is subject to environmental and title checks and the price can be adjusted.

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9 Nov 2016listing compliance notice▲ GoodMajor

the New York Stock Exchange certified PetroShare Corp.'s securities for listing, clearing them to begin trading.

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18 Oct 2016asset acquisition disposition● NeutralMajor

PetroShare closed the Dowell royalty purchase on October 14, 2016, and Providence took 50% of it. It also signed a new revolving credit line of up to $10 million with Providence Energy Partners III (an affiliate of its existing lender) at 8% interest, all due April 13, 2017. The line is secured by all its Wattenberg oil and gas assets, and the company has already borrowed $1.55 million on it. As part of the deal PetroShare assigned 10% of its working interest in the 378-acre Jacobucci area to the lender affiliate, cutting its interest in those wells to about 17.6% on average. The loan also bars new debt and asset sales over $100,000 a year, other than sales to Providence; the short maturity and security over its assets are the points for shareholders to watch.

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12 Oct 2016material agreement● NeutralMajor

On October 5, 2016 PetroShare agreed to buy royalty interests in 10 Jacobucci wells from Phyllis Dowell for $1,900,000 cash, raising its net revenue interest in each well by about 2.3% on average. The wells are in Todd Creek Farms, where PetroShare is a non-operating participant. Closing was set for October 13, subject to title review, and the principal lender has an option on 50% of the interest, which would proportionately reduce PetroShare's cost and stake.

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7 July 2016asset acquisition disposition▲ GoodMajor

PetroShare closed the PDC Energy purchase on June 30, 2016: leases on about 3,718 gross (2,690 net) acres in Adams County and about 72 wells producing roughly 125 BOE/D (62.5 net to PetroShare). The price fell from $5,154,630 to $4,611,833 because of a title-defect holdback; it could rise back up to $5,154,630 if the seller cures title within 60 days. This resolves the May agreement and also resolves the lender-option thread: Providence Energy Operators, the lender and 13.8% shareholder, took 50% of the interest, and a $2.6 million draw on the Providence line of credit helped pay for it. Separately, Douglas R. Harris joined the board as a sixth director with 25,000 shares and options on 25,000 more at $1.60.

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3 June 2016material agreement● NeutralMajor

PetroShare signed an agreement on May 27, 2016 to buy from PDC Energy leases on about 4,800 gross (2,200 net) acres in Adams County and PDC's interest in about 72 wells, for $5,154,630, with $515,463 paid up front as earnest money. Closing was set for June 30, 2016, subject to title and environmental checks. The company expects its principal lender to exercise its option to take up to 50% of the interest, which would cut PetroShare's own share.

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19 Apr 2016asset acquisition disposition● NeutralMajor

PetroShare bought leases on about 378 net acres in Section 5 of its Todd Creek Farms area in Adams County from The Equinox Group LLC for $576,122, on top of the Kerr-McGee acreage bought in March. It also gained the right to take part in up to 14 wells to be drilled by a third-party operator (average interest about 20%) and agreed to pay the seller's costs for them, but taking part depends on getting more working capital, which continues an earlier open question.

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6 Apr 2016asset acquisition disposition▲ GoodMajor

PetroShare closed the purchase from Kerr-McGee Oil & Gas Onshore LP of leases on about 320 net acres in Adams County (Todd Creek Farms, Wattenberg Field) plus a 100% working interest in one well, for $1,180,547 cash, subject to price adjustments within 120 days. It also took on an obligation to take roughly 21.9% in two proposed third-party wells; the filing says participation in the planned wells depends on getting additional working capital. Its principal lender has an option to take up to 50% of PetroShare's interest in the leases and well, which the company expects to be exercised.

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