PETROSHARE CORP. (OTCMKTS:PRHR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 30, 2017, PetroShare Corp. (the “Company”) entered into an executive employment agreement (the “Agreement”) with its Chief Financial Officer, Paul D. Maniscalco. Previously, Mr. Maniscalco served on an hourly basis to an oral agreement with the Company.
The Agreement, effective June 1, 2017, provides for an initial term expiring on December 31, 2018 with an automatic renewal for successive one-year periods unless terminated in accordance with its terms; base compensation in the amount of $150,000 per year; provisions for termination under various circumstances, including death, disability, and “cause,” as defined in the Agreement; and payment of severance in certain events. In addition, Mr. Maniscalco was awarded 50,000 shares of restricted stock under the Company’s Amended and Restated Equity Incentive Plan.
The foregoing description of the Agreement in this report is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this report:
10.1 Executive Employment Agreement between the Company and Paul D. Maniscalco effective June 1, 2017.
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. PETROSHARE CORP. (OTCMKTS:PRHR) Recent Trading Information
PETROSHARE CORP. (OTCMKTS:PRHR) closed its last trading session 00.00 at 1.89 with shares trading hands.