PetroShare Corp. (OTCPK:PRHR) and Providence Energy Operators, LLC entered into an agreement to acquire oil and gas leases totaling approximately 5,879 gross acres in the DJ Basin from Morning Gun Exploration LLC for $2.6 million on February 23, 2017. As per the terms of agreement, PetroShare Corp. will pay 0.46 million in cash and will issue 0.45 million restricted shares of its common stock to Morning Gun Exploration for its 50% share of the acquisition. PetroShare paid 10% of the purchase price, or $0.26 million as a deposit at the time of executing the agreement. The consideration is subject to adjustments. The deposit is refundable to PetroShare if the agreement is terminated for certain reasons. If Morning Gun Exploration terminates the agreement due to a breach of the agreement by PetroShare, Morning Gun Exploration will be entitled to retain the deposit as liquidated damages. The transaction is subject to conducting environmental and title diligence. The transaction is scheduled to close not later than March 23, 2017. John K. H. Akers of Akers & Thompson, LLC acted as legal advisor to Morning Gun Exploration in the transaction. PetroShare Corp. (OTCPK:PRHR) and Providence Energy Operators, LLC completed the acquisition of oil and gas leases totaling approximately 5,879 gross acres in the DJ Basin from Morning Gun Exploration LLC on April 3, 2017.