Kern County, California

Kern County, California

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 the early 1900’s and to date has produced over 100 million barrels of oil and natural gas equivalents. It is located in close proximity to one of the richest oil source kitchens in the world. Within 20 miles of the field, over 10 billion barrels of oil have been produced and the area is home to 4 of the 10 largest onshore oil fields in the United States.

Kern County field is geologically complex and has a dearth of modern seismic data. It is expected by acquiring a 30 square mile, state-of-the-art, modern 3D seismic survey over the field, that numerous undrilled opportunities will be revealed resulting in the discovery and production, through primary recovery alone, of 30 million barrels of oil or more. Significant exploration potential also exists.

The well depths range from 4,000 to 8,500 feet and the oil is relatively high gravity. Extensive oil and gas infrastructure is already in place.

This low-risk, uniquely situated opportunity has an excellent risk/reward profile.