M. Bruce Chernoff Acquires Additional Shares of Petroshale Inc.

CALGARY, Alberta, March 16, 2018 (GLOBE NEWSWIRE) — On March 15, 2018 Mr. M. Bruce Chernoff (“Chernoff“) indirectly acquired, through Alpine Capital Corp., an entity owned and controlled by him, ownership of 1,625,000 voting common shares (the “Acquired Shares“) of PetroShale Inc. (the “Corporation“) pursuant to the exercise of an equal number of warrants (“Warrants“) to purchase Common Shares at an exercise price of $0.75 per Common Share.

Including the Acquired Shares, Chernoff owns and controls 58,253,083 Common Shares, representing approximately 36.6% of the currently issued and outstanding Common Shares (on a non-diluted basis) and approximately 29.4% of all issued and outstanding voting shares of the Corporation (on a non-diluted basis).

Prior to the exercise of the Warrants, Chernoff owned or had control or direction over 56,628,083 voting common shares or approximately 36.0% of the issued and outstanding voting common shares (on a non-diluted basis) and approximately 28.8% of all issued and outstanding voting shares of the Corporation (on a non-diluted basis).

Chernoff acquired the Acquired Shares described herein for investment purposes. Chernoff may, depending on market and other conditions, increase or decrease his ownership of voting common shares or other securities of the Corporation, whether in the open market, by privately negotiated agreement or otherwise.

For further details, please see the early warning report filed with the applicable Canadian securities regulatory authorities which is available under the Corporation’s SEDAR profile at www.sedar.com.

Contact Information:

Mr. M. Bruce Chernoff
Suite 3230, 421 – 7th Avenue SW
Calgary, Alberta T2P 4K9

Phone: (403) 266-1717