What We Do
Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company focused on the exploration and development of conventional oil and gas assets. Petro River’s business model is to enter highly prospective conventional plays with industry-leading partners. Our diversification across multiple projects, each with low initial capital expenditures and strong risk reward characteristics, reduces risk and provides exposure to a number of attractive risk adjusted opportunities.
Below is a link to Petro River’s corporate presentation outlining its strategy and portfolio.
Our Business Model
Three Principal Elements
- Acquisition and development of overlooked and undervalued assets. We have identified and acquired such assets in Osage County, Oklahoma, in the San Joaquin valley, California, and Larne Basin, Northern Ireland. Exploit and expand known-producing oil-focused fields and basins that have been neglected due to lack of capital, modern imaging and drilling advances.
- Recovery limited to conventional drilling. The company does not engage in horizontal drilling, shale, tar sands or deepwater drilling. In doing so, we believe we can achieve breakeven at $30 per BBL
- Leverage seismic imaging to maximize returns. Technical advances in imaging and modeling can lower risk and enhance productivity. The Company intends to utilize 3-D seismic and other technological advancements that benefit its exploratory and developmental drilling program.
Focused on Low-Cost Production
Petro River is pursuing its core strategy in this well-known basin, drilling vertical wells in relatively shallow conventional legacy reservoirs using modern 3D seismic surveys. PTRC has acquired 106,000 acres in Osage County in an area that was the focus of a deeper horizontal play—that proved to be uneconomic—and is reprocessing 36 square miles of … Continued
Petro River and Horizon has interest in 26,000 acres adjacent to the giant Wytch Farm – the largest onshore oil field in Western Europe. Estimated prospective resources is no less than 20MM barrels of oil and 60B cubic feet of gas. Horizon owns a 10% interest with an option to acquire an additional 65 percent.
Horizon has contractual rights to participate for a 50% interest with Ardent Oil Limited (‘Ardent’), an experienced UK-based oil and gas prospect generating company, in four recently awarded offshore licenses granted to Ardent in the 7th offshore licensing round in Denmark. The licenses are all located in unique geological settings and require modest work programs. … Continued
Grapevine Energy, LLC (‘Grapevine’) is a wholly-owned subsidiary of Horizon. It was formed to acquire leasehold interests in Kern County, California and explore for and develop hydrocarbons thereon. Grapevine’s area of interest contains a significant hydrocarbon discovery (‘Discovery’) made in the fall of 2014 by a company of which the founder of Horizon was formerly … Continued
Petro River and Horizon collectively own a 41.25% working interest in oil and gas leases comprising approximately 7,000 acres, in the San Joaquin Basin in Kern County, California, covering the Kern County field redevelopment project. Horizon has a 27.5% working interest and Petro River a 13.75% working interest. The Kern County field was discovered in … Continued
Due to historical political and geological issues, which now have been resolved, the Larne Basin remains the only Carboniferous Basin in Europe essentially untested for hydrocarbons. Through long-standing industry contacts, Horizon Energy was offered the opportunity to participate on favorable terms in the exploration and development of the Larne Basin through the acquisition of working … Continued
Historic Basins with billions of barrels still in place
In Oklahoma, The Oklahoma Geologic Survey estimates that there were more than 84 billion barrels of original oil in place in Oklahoma from conventional, historically producing oil reservoirs.
In the San Joaquin Basin, California. A USGS study of the San Joaquin Basin estimated a mean of 6.5 billion barrels of undiscovered, technically recoverable oil.
In Larne Basin, Northern Ireland. The un-risked, potential recoverable resources for the entire Larne Basin are in excess of 1 billion barrels of oil.
Our strategy is to identify, acquire and develop conventional oil and gas assets with the following characteristics:
Low drilling and completion costs --under $10 per barrel of oil.
Partnerships with local operators with deep technical understanding and success in the region.
Utilize 3D seismic technology to identify low risk – high return drilling targets for development.
Our properties lie in historic basins, with considerable oil in place, in fields that haven’t been studied with the benefit of 3D seismic data, further compromised by lack of available capital.
Technical excellence. Petro works with one of the most active drillers and operators in the region and leverages that expertise in the interpretation of geological and operational opportunities
ACQUISITION AND DEVELOPMENT OF OVERLOOKED AND UNDERVALUED ASSETS
We have identified and acquired such assets in Osage County, Oklahoma, in the San Joaquin valley, California, and Larne Basin, Northern Ireland. Exploit and expand known-producing oil-focused fields and basins that have been neglected due to lack of capital, modern imaging and drilling advances.
RECOVERY LIMITED TO CONVENTIONAL DRILLING
The company does not engage in hydraulic fracking, horizontal wells, shale, tar sands or deepwater drilling. In doing so, we believe we can achieve breakeven at $30 per BBL.
LEVERAGE SEISMIC IMAGING TO MAXIMIZE RETURNS
Technical advances in imaging and modeling can lower risk and enhance productivity. The Company intends to utilize 3-D seismic and other technological advancements that benefit its exploratory and developmental drilling program.
Petro River Oil will continue to opportunistically increase our acreage in historically prolific fields, while maintaining low F&D costs to maximize profits even in a low priced commodity cycle.