PetroShare Corp. entered into a non-binding letter of intent to acquire a producing well and associated leases within Todd Creek Farms project from Kerr-Mcgee Oil & Gas OnShore LP.

PetroShare Corp. (OTCPK:PRHR) entered into a non-binding letter of intent to acquire a producing well and associated leases within Todd Creek Farms project from Kerr-Mcgee Oil & Gas OnShore LP for $1.2 million in cash on January 16, 2016. The purchase price payable by PetroShare is subject to adjustment after the Closing Date.

In addition, PetroShare assumed Kerr-Mcgee Oil's obligation related to two wells proposed to be located in South, Range 67 West. In a related transaction, PetroShare Corp. acquired other leases under its strategic land and leasing services agreement with Kingdom Resources, LLC.

Closing of the acquisition is subject to the finalization of a definitive agreement.