PetroShare Corp. is heading towards bankruptcy, as of April 4, 2019. As per the annual report filed with the U.S. Securities and Exchange Commission the company said, it is in default under the terms of its Secured Credit Facility and on April 2, 2019, the Secured Lenders delivered their formal Notice of Default under the terms of the Secured Credit Facility. The Notice declared that all amounts outstanding were immediately due and payable. The company has engaged legal advisors to assist it in, among other things, analyzing various strategic alternatives to address our liquidity and capital structure, including strategic and refinancing alternatives to restructure its indebtedness and it may elect to implement such a restructuring through Chapter 11 of the United States Bankruptcy Code in order to obtain court supervision and to facilitate the stakeholder approvals necessary to implement such a restructuring.