Petroshale Announces Results of Annual and Special Meeting

CALGARY, AB, June 29, 2021 /CNW/ - PetroShale Inc. ("PetroShale" or the "Company") (TSXV: PSH) (OTCQB: PSHIF) is pleased to announce the results of its annual and special meeting (the "Meeting") of its shareholders held on June 25, 2021, as follows:

1. Each of management's nominees for director, being M. Bruce Chernoff, Brett Herman, Jacob Roorda, David Rain and Gary Reaves, were re-elected;
2. KPMG LLP was re-appointed as auditors of the Company;
3. Shareholders re-approved the Company's stock option plan;
4. Shareholders approved a consolidation (the "Consolidation") to the outstanding common shares of the Company on the basis of a consolidation ratio to be selected by the board of directors of the Company (not to exceed fifteen (15) currently outstanding shares for one (1) new post-consolidation share); and
5. Shareholders approved an amendment to the Company's bonus award incentive plan to increase the number of common shares that are available to be issued from time to time pursuant to outstanding awards granted thereunder from 19,100,000 common shares to 25,000,000 common shares (subject to adjustment, if required as a result of the Consolidation).

As a further update, Ken McCagherty has decided to step down from his position on the Board, and accordingly, did not stand for re-election at the Meeting. "On behalf of the Company, I would like to thank Ken for his significant contributions and service to the Company over the last 8 years," said M. Bruce Chernoff, Executive Chairman. "Ken has brought invaluable expertise and vision to the Company, and we wish him well."

Q2 2021 Results Release Timing

PetroShale anticipates issuing and filing on SEDAR its second quarter 2021 financial statements and MD&A for the three-month period ended June 30, 2021, on or around August 20, 2021.

About PetroShale

PetroShale is an oil company engaged in the acquisition, development, and production of high-quality oil-weighted assets in the North Dakota Bakken / Three Forks.   

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PetroShale Inc.

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