On May 26, 2020, Carbon Energy Corporation completed its previously announced transaction with Diversified Gas & Oil Corporation. In connection with the consummation of the Transactions, Mark D. Pierce, President of the Company, and Kevin Struzeski, Chief Financial Officer, Treasurer and Secretary of the Company, ceased serving in such capacities, effective as of the May 26, 2020. On the Closing Date, each of Mr. Pierce and Mr. Struzeski entered into consulting agreements with the Company. Under the Consulting Agreements, each of Mr. Pierce and Mr. Struzeski have agreed to provide transitional and consulting services to the Company through August 25, 2020.