PetroShale Inc. entered into an agreement with First Reserve (the Investor) in respect of a strategic financing transaction for gross proceeds of USD 75 million. Upon closing of the financing, the parties anticipate that Mr. Brooks Shughart will be appointed to PetroShale's board of directors pursuant to the terms of the Investment Agreement. Brooks M. Shughart is a Managing Director of First Reserve. His responsibilities include investment origination and structuring, due diligence, execution and monitoring, with a focus on the upstream energy sector. Prior to joining First Reserve, he was a Director in the Mergers and Acquisitions Group for Credit Suisse. Prior to Credit Suisse, he held positions in the energy groups of Lazard Freres and Donaldson, Lufkin & Jenrette/CS First Boston.