PetroShale Inc.

Closed oversubscribed non‐brokered and brokered private placements, which included the issuance of some 23.8 million units at a price of $0.40 per unit through a non‐brokered private placement plus a brokered private placement with a syndicate of agents led by Peters & Co. Ltd. and including Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc. and ATB Capital Markets Inc. through which PetroShale issued 112.5 million common shares at a price of $0.40 per common share. Each unit issued in the non-brokered private placement is comprised of one common share and one warrant entitling the holder to purchase one common share at a price of $0.475 per common share for a period of five years from the issuance date. Proceeds will be used to reduce debt and for general corporate purposes, positioning the company to execute on a disciplined corporate strategy.