NEW YORK, NY, August 21, 2017 Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, announced today that Petro River was cited in a Wall Street Journal article entitled, “OLD OIL IS NEW AGAIN” (8-20-17 www.wsj.com). CLICK HERE TO READ
The article stated that “more small- and mid-sized oil firms—many backed by private equity—are forgoing expensive shale drilling projects and opting for old-school wells instead.” The article went on to state that newer technology used to explore historically oil rich fields in California and Oklahoma are proving to benefit smaller oil companies who drill the less expensive conventional vertical wells allowing for claims of profitability at $30 a barrel or less.
Petro River was described in the article as a company in alignment with the writer’s observation. “Petro River Oil , a small New York-based company traded over the counter, is reprocessing old data and making new underground maps in California to find overlooked crude. It recently scoured an old prospect near Bakersfield known as Sunset Boulevard, and found several additional oily zones to tackle this summer.”
Stephen Brunner, president of Petro River said, “We have maintained the same model throughout our exploration program of utilizing advanced 3-D seismic technology targeted at historically prolific oil fields and rely solely on economical conventional drilling. The article mentions both Oklahoma and California as targets of this “old school” process. We have successfully discovered oil in both fields and are currently developing a continuing exploration plan for both regions.”
The article highlighted other oil companies including, Occidental Petroleum, California Resources Corp., Chevron Corp. and Exxon Mobil Corp.
ABOUT: PETRO RIVER OIL CORP (OTC: PTRC)
Petro River Oil Corp. (OTC: PTRC) is an independent energy company with its core holdings in Northeast Oklahoma and Kern County, California. Petro River’s strategy is to apply modern technology, such as 3-D Seismic analysis to exploit hydrocarbon-prone resources in historically prolific plays and underexplored prospective basins to build reserves and to create value for the Company and its shareholders. Petro River owns a 20% equity interest in Horizon Energy Partners, LLC and its president, Stephen Brunner, is also a member of the Board of Managers of Horizon Energy Partners, LLC.
This news release contains forward-looking and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. These forward looking statements, projections and statements are subject to change and could differ materially from final reported results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. Petro River assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Petro River undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect to the matters discussed above. Readers should also carefully review the “Risk Factors” in Petro River’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and other reports filed with the SEC under the Securities Exchange Act of 1934, as amended.
For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:
telephone: (469) 828-3900