PetroShare Corp. (OTCPK:PRHR) signed an agreement to acquire certain oil and gas assets from Crimson Exploration Operating, Inc. for $5.2 million on November 21, 2016. PetroShare has made a deposit of 10% of the purchase price. The purchase price is subject to adjustment prior to and following the closing based on a preliminary and final proration of costs and revenues from the assets at or after the effective date. The assets include oil and gas leases covering lands located in Adams, Arapahoe, Elbert, and Weld Counties, Colorado covering approximately 15,994 gross acres, Crimson's interest in approximately 38 oil and gas wells located on the Lands, all the oil, gas, condensate and associated hydrocarbons produced from the leases, lands and equipment used to produce such hydrocarbons, agreements, permits, and other intangible property related to the foregoing. If Crimson Exploration Operating, Inc. terminates the agreement due to a breach of the agreement by PetroShare Corp., Crimson Exploration will be entitled to retain the deposit as liquidated damages. The transaction is subject to customary conditions, including environmental and title diligence. The acquisition is expected to close on December 22, 2016.