On August 21, 2019, the Company terminated the employment of William B. Lloyd, its Chief Operating Officer. The separation was effective between the parties on August 19, 2019.

In connection with Mr. Lloyd departure, his employment agreement with the Company was cancelled and all obligations of the Company thereunder waived in exchange for payment to Mr. Lloyd of his normal compensation until the end of August, two-month’s severance and payment of the Company’s portion of his health insurance premiums during that two-month period.

About PETROSHARE CORP. (OTCMKTS:PRHR)

PetroShare Corp. is an independent oil and natural gas company. The Company focuses on acquisition, exploration and development of crude oil and natural gas prospects. Its properties are located in Colorado. It has interest in over two gross wells and approximately 3,100 gross acres of oil and gas properties. It has interests in over two crude oil and natural gas prospects, including Buck Peak prospect, which is located in Moffatt County, Colorado, and Todd Creek Farms prospect, which is located in Adams County, Colorado. Its working interest position in the Buck Peak prospect is concentrated in one 672-acre section, including over two drilled wells. It focuses on acquiring acreage and development of the Todd Creek Farms prospect. Its focus in both prospects is the Niobrara formation, which is a calcareous shale rock formation varying from 200 to 1,500 feet in thickness and extending from Canada to New Mexico with the oil and natural gas concentration located in Colorado and Wyoming.