PetroShale Announces Property Acquisition, Executive Management and Board Changes and Private Placement
PetroShale Inc. ("PetroShale" or the "Company") (TSX VENTURE:PSH)(OTCQX:PSHIF) is pleased to announce the acquisition of additional land in one of our core areas, changes to our executive management and Board, and a private placement for aggregate proceeds of $500,000.
PetroShale is pleased to announce that it has acquired an additional high-quality acreage position in our South Berthold core area for a purchase price of US$9.0 million. The acreage forms part of two separate drilling units, including one in which PetroShale has existing acreage and will now operate with a 92% working interest. The acquisition was funded through the Company's existing credit facilities and includes approximately 90 Boe / day of existing production.
The Company is also pleased to announce that Mike Wood has been appointed President and CEO of PetroShale. Mike is a petroleum engineer with 30 years of experience in operations, engineering, acquisitions and divestitures in numerous North America basins and has held a number of executive positions including: Development Manager Permian, Rockies and Gulf Coast for Chesapeake Energy; VP Canada Shale Division and VP Development and Engineering at Talisman Energy; and, Chief Operating Officer at two significant private equity sponsored oil and gas companies. He holds a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines and an MBA from Pepperdine University. Mike will be based in our Denver office. We are excited about the depth of technical and commercial expertise Mike will bring to PetroShale as we continue to pursue our strategy of acquiring and developing high-quality assets within the core of our North Dakota focus area.
M. Bruce Chernoff will continue as Executive Chairman of our Board of Directors.
We wish to thank John Fair, who will be retiring from PetroShale in September, for his years of service to the Company and his role in developing the Company's asset base. James Fair, a current director of PetroShale, will not be standing for re-election to the Board of Directors at the Company's upcoming Annual and Special Meeting on July 6, 2017. The Board thanks Mr. Fair for his long service to the Company.
In connection with the appointment of Mr. Wood as President and CEO, PetroShale intends to complete a private placement to Mr. Wood of 384,615 common voting shares at a price of $1.30 per share for aggregate proceeds of $500,000, subject to TSX Venture Exchange approval. The Company intends to use the net proceeds of the private placement for general corporate purposes.
PetroShale is an oil company engaged in the acquisition, development and consolidation of interests in the North Dakota Bakken / Three Forks
SOURCE: PetroShale Inc.
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