Petro River Oil Discovers North Blackland Field in Osage County, Ok

NEW YORK, NY, May 22, 2018 Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company utilizing modern 3D seismic technology, announced today the discovery of a new oil field, the North Blackland Field, in its 106,500 acre concession in Osage County, OK following the successful testing of the 2-34 exploration well.

The 2-34 well was spud April 15th, 2018 and was drilled to a depth of approximately 2,850 feet. Initial results indicate both Mississippian Chat and Burgess formations were discovered and have been comingled to increase production rates.  The initial 30-day production rate, or IP rate, was 155 barrels of oil per day.

The North Blackland Field is approx. 200 acres, and the Company expects to drill an additional 8 to 10 wells to develop the structure. This discovery continues to validate the Company’s use of   3D seismic technology to identify oil structures that were overlooked in historically prolific areas.

“Our Blackland development, currently producing 227 barrels of oil per day, allowed Petro River to record positive operating cashflows, marking the achievement of a significant milestone for the company. The discovery of the North Blackland field will enable Petro River to further capitalize on its investment in Osage County” said Petro River president Stephen Brunner.

 

ABOUT: PETRO RIVER OIL CORP (OTC: PTRC)

Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Osage County, Oklahoma. Petro River’s strategy is to apply modern technology, such as 3D 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 14.52 % 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. For more information, please visit our website at www.petroriveroil.com.

 

FORWARD-LOOKING STATEMENTS
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:
Investor Relations
ir@petroriveroil.com
telephone: (469) 828-3900

Petro River Announces Successful Drilling of 8 West Blackland Field Development Wells in Osage County, OK

NEW YORK, NY, April 2, 2018 –  Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) is pleased to provide an update on the development activities on its core acreage in Osage County, Oklahoma.

Activities Report:

After the initial discovery of the West Blackland Field in June 2017, the Company has built roads installed flowlines and constructed a central processing facility with a 1,800 BOPD capacity. Current gross daily production is 120 BOPD. In the past three months, 8 successful development wells have been drilled with two additional wells currently drilling and a number of well completions underway. On the basis of this drilling program, the Company has earned the right to extend its 100,000+ acre Concession with the Osage Tribe for an additional year.

The discovery well in the West Blackland Field (#1-3) has produced over 7,500 barrels in the past 7 months and is on track for an 8-month payback.  Within the next 60 days, the Company expects to report stabilized production rates and independent reserve estimates at the West Blackland Field, with all currently-drilled wells completed and producing.

In addition, the Company has filed permits for a new exploration well which, if successful, could result in a new field discovery potentially much larger than the West Blackland Field, and currently expects to have results from this well in June.

The Company has recently signed a contract for the acquisition of a modern, state-of-the-art 20 square mile 3D seismic survey to be conducted this summer in the western portion of its concession adjacent to a prolific producing trend.  The West Blackland Field discovery was made on the basis of reprocessed, older vintage, low-quality 3D seismic data.

Stephen Brunner, the President of Petro River, stated “Based on our success in the West Blackland Field, we anticipate positive cash flow generated from operations during the current quarter ending April 30, 2018.  With the recent capital restructuring behind us, current production of 120 BOPD (90 BOPD net to the Company) increasing on a weekly basis and generating positive cash flow, additional exploration and development wells scheduled and a 20 square mile 3D seismic survey planned for late summer, we believe Petro River is positioned for substantial growth this year.

 

About: Petro River Oil Corp.

Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Osage County, Oklahoma. 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 14.52 % 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. For more information, please visit our website at www.petroriveroil.com.

 

Forward-Looking Statements.

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 Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:

Investor Relations

ir@petroriveroil.com

telephone: (469) 828-3900

Petro River Oil Acquires Additional Prospects In Oklahoma Following Success of its Osage County Drilling Program

NEW YORK, NY, February 15, 2018 –  Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) an independent oil and gas exploration company utilizing the latest 3-D seismic technology, announced today that it has acquired additional prospects in Kay County, Oklahoma that have a combined potential recoverable resource of 5.8 million barrels of oil.

The Kay County acquisition is pursuant to a purchase and exchange agreement under which Petro River assigned 100% of its 13.75% working interest in the Mountain View Project in Kern County, California for the 64.70% of Red Fork Resources, LLC (“Red Fork”) 85.00% working interest in Kay County, Oklahoma, resulting in the Company owning a 55% working interest in Kay County.  Each of Red Fork and Petro River will retain a 2% overriding royalty on their respective assigned projects.

Kay County Prospects: 
The Kay County, Oklahoma acquisition adds additional prospect locations adjacent to Petro River’s 106,000 acre concession in Osage County, Oklahoma. The similarity of the prospects in Kay County allows for the leverage of assets, infrastructure and technical expertise.   Recent seismic reprocessing and interpretation of over 50 square miles of 3D data has revealed multiple Mississippian Chat structures and Red Fork channel prospects. Three Mississippian Chat structures and eight Red Fork channel prospects have been identified.

Osage County, OK Drilling Program Update:
The Company is currently executing on its development plans in Osage County, OK.  The development wells are located in the West Blackland and South Blackland oil fields discovered by the West Blackland 1-3 and South Blackland 2-11 exploration wells drilled by the Company in 2017.   Based on results of the 30-day oil flow tests from these exploration wells, the Company’s estimated ultimate recovery (“EUR”) per well is approximately 105,000 barrels of oil equivalent (“BOE”) in the West Blackland field and 63,000 BOE in the South Blackland field.  To date, four additional wells have been drilled and completed in the West Blackland (wells 2-3, 5-3, 6-3 and 9-3), with the remaining wells, to follow.  Management is pleased with the early results which are in line with expectations and validates the 3-D seismic methodology.
Below are the anticipated single well economics from our development plan in the West Blackland and South Blackland fields:

The single well economics above are estimates only, and are based on a net revenue interest of 76%, a flat rate of $50 oil and $2.10 gas prices.  Our lease operating expenses are $1,000 fixed per well plus $1.25 variable per barrel of oil.  No assurances can be given that we will realize the returns estimated, and actual returns may be different, and such differences may be material.

Management’s Comments:
Stephen Brunner, President of Petro River stated, “The property exchange in Kay County, OK compliments our Osage Project and positions the Company to execute on our exploration and development plans in the region.  Refocusing our efforts in Oklahoma, based on our recent success, reaffirms our belief that applying modern technology to historically productive fields in this region will result in attractive well economics.  Additionally, we believe the execution of a successful West Blackland development program will provide significant cash flow to the Company.”

About: Petro River Oil Corp.
Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Osage County, 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. For more information, please visit our website at www.petroriveroil.com.

Forward-Looking Statements.
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 Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:
Investor Relations
ir@petroriveroil.com
telephone: (469) 828-3900

Petro River Acquires An Additional 46.81% Stake in Osage

Petro River Secures Funding for Drilling Program

 

NEW YORK, NY, November 6, 2017 –  Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) an independent oil and gas exploration company utilizing the latest 3-D seismic technology, announced today that it has acquired an additional 46.81% stake in its 106,500-acre concession in Osage County, OK (the “Osage Project”).  The Company has also simultaneously completed a financing to fund its drilling program of nine (9) new development wells and three (3) exploration wells in its Osage Project.

Increase of Ownership Interest:

As part of the Company’s development plans in Osage County, the Company acquired all of the 46.81% membership interest held by Pearsonia West Investments, LLC (“PW Investments”) in Bandolier Energy, LLC, a subsidiary of the Company and the entity controlling the Osage Project.   Under the terms of the acquisition, the Company will issue to the members of PW Investments, an aggregate of 1,466,667 shares of the Company’s common stock.

 

Drilling Program:

The Company is in the process of moving forward on its development plans in Osage County. The development wells are located in the W. Blackland and S. Blackland oil fields previously discovered by the W. Blackland 1-3 and S. Blackland 2-11 exploration wells.   Based on results of the 30-day oil flow tests from these exploration wells, the Company’s estimated ultimate recovery (“EUR”) per well is approximately 105,000 barrels of oil equivalent (“BOE”) in the W. Blackland field and 63,000 BOE in the S. Blackland field.  While no assurances can be given, the total prospective resources from both fields is approximately 1.26 million BOE.

Below are the anticipated single well economics from our development plan in the W. Blackland and S. Blackland fields:

 

 

The single well economics above are estimates only, and are based on a net revenue interest of 76%, a flat rate of $50 oil and $2.10 gas prices.  Our lease operating expenses are $1,000 fixed per well plus $1.25 variable per barrel of oil.  No assurances can be given that we will realize the returns estimated, and actual returns may be different, and such differences may be material.

 

In addition to the development wells in 2018 we currently plan to drill three (3) exploration wells located within the 3-D seismic area, and each of these structures will cost approximately $100,000 to drill and test. Three separate structures totaling nearly 2400 acres have potential resources totaling approximately 5.85 million BOE, although no assurances can be given.   The locations of the exploration wells were identified by our team based on our prior analysis and data from our exploration program.

 

Financing:

To secure funding for our development plan, we closed a $2.5 million secured debt financing with Petro Exploration Funding II, LLC (“Petro Funding II”).  The terms include a three-year note with a 10% annual interest rate and a 2% overriding royalty interest.  In addition, Petro Funding II will receive warrants to purchase 1,250,000 shares of the Company’s common stock at an exercise price of $2.00 per share.  Scot Cohen, the executive chairman of the Company was the lead and largest investor in the financing.  Management participation reflects its confidence in and commitment to the Company’s development and exploration plans.

 

Management’s Comments:

Stephen Brunner, President of Petro River stated, “The combination of the financing and the acquisition of the additional 46.81% interest in our Osage Project positions the Company to execute on and benefit from our development and exploration plans.  Based on the data from our test wells, well economics yield attractive returns in the current oil price environment and a successful development program will provide significant cash flow to the Company.   As we continue to develop and evaluate the 3-D technology in the region, we expect continued success with our exploration program in 2018.”

 

About: Petro River Oil Corp.

Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Osage County, 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. For more information, please visit our website at www.petroriveroil.com.

Forward-Looking Statements.

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 Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:

Investor Relations

ir@petroriveroil.com

telephone: (469) 828-3900

Petro River Announces Drilling Programs and Corporate Update: Management Leads financing to Fund Development Plan

NEW YORK, NY, September 25, 2017 –  Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) is pleased to provide an update on our ongoing corporate activities, as well as the development plans for our core acreage in Osage County, Oklahoma and Kern County, California, described below.

A new corporate presentation has been made available concurrently with this press release and can be found at http://petroriveroil.com/investor-relations/corporate-summary.

Development Plan (2017/2018):

Osage County:  In May 2017, the Company announced two new oil field discoveries on the Company’s 106,500-acre concession in Osage County, Oklahoma (the “Osage Concession”).  The W. Blackland Field and S. Blackland Field were discovered on the basis of reprocessing a proprietary 36 square mile 3D seismic survey owned by the Company, followed by successful drilling of the Red Fork #1-3 well, now known as the W. Blackland #1-3, and Chat #2-11, now known as the S. Blackland #2-11, respectively.

Based on 30-day oil flow tests of the W. Blackland #1-3, the estimated ultimate recovery (“EUR”) per well is approximately 105,000 barrels of oil equivalent (“BOE”).  The Company has identified eight (8) additional locations within the W. Blackland Field that it plans to drill by the end of 2017.  Each well has a drilling and completion cost of approximately $200,000.  The total potential of the W. Blackland Field is up to 945,000 BOE.

Based on 30-day oil flow tests of the S. Blackland #2-1, the estimated EUR per well is 63,000 BOE. The Company has identified four (4) additional locations within the S. Blackland Field that it plans to drill in early 2018.  Each well has a drilling and completion cost of approximately $200,000.  The total potential of the S. Blackland Field is up to 315,000 BOE.

The Company’s subsidiary, Bandolier Energy, LLC, owns a 75% working interest in the Osage Concession. Following a successful development plan in W. Blackland and S. Blackland, the Company expects gross production rates of up to 800 BOE per day.

Kern County: On the basis of the acquisition, processing and interpretation of a new, proprietary 30 square mile 3D seismic survey of which the Company was a participant, and drilling of an initial exploration well, on July 18, 2017, the Company announced a new oil field discovery confirmed by electric logs and cores on the Cattani-Rennie 47X-15 exploration well (“CR 47X”) on its Sunset Boulevard prospect in Kern County, California.   The Company is currently conducting well tests on multiple zones of the CR 47X and projects productive rates in excess of 150 barrels of oil per day.  Results are expected in October 2017.  The Company has identified three additional locations within the Sunset Boulevard prospect that it plans to develop in 2017/2018 with prospective resources of up to 3,000,000 BOE.

The Company owns a 13.75% direct working interest in the Sunset Boulevard prospect, and a 5.5% indirect working interest through its 20% equity investment in Horizon Energy Partners, LLC.

$2.5 Million Financing. In order to finance the development plans in Osage County, OK and Kern County, CA, the Company has entered into a $2.5 million debt financing led by management of the Company pursuant to a securities purchase agreement dated September 21, 2017.  The closing is expected to occur on or before October 30, 2017.  “Management’s willingness to fund a substantial portion of this financing demonstrates our high level of conviction and commitment to the development strategy and ability to meet all near-term development plans,” stated Stephen Brunner, President of Petro River.

Exploration Plan (2018)

Osage County. The Company has recently identified an additional 2,362 acres of potential Mississippian chat resources within the boundaries of the Osage Concession based on further evaluation of the Company’s existing 3D seismic data, as well as from information gained through the successful drilling of W. Blackland #1-3 and S. Blackland #2-11.  The three structures comprising the 2,362 acres can be tested with an estimated cost of approximately $300,000 to prove-up prospective resources of up to 5.85MM BOE (based on 20-acre well spacing in these new reservoirs, and 50,000 EUR per well).  Drilling and completion cost is approximately $200,000 per well.

Kern County.  The Company has identified three additional exploration prospects in its Kern County area of interest, in addition to the Sunset Boulevard prospect.  The Company plans to announce details of its exploration program in 2018.

Mr. Stephen Brunner, President of Petro River stated, “Our recent discoveries in both Osage County, OK and Kern County, CA validates our initial exploration plan to use modern 3D seismic technology to identify oil structures that were overlooked in historically prolific areas. Our partnerships with seasoned professionals and engineering services has allowed us to accelerate our exploration program economically and efficiently resulting in both finding and development costs of less than $5 per barrel of oil in Osage County and $10 per barrel of oil in Kern County. We are confident that our current plans are on track to achieve our goals of meaningful production in 2018 as well as to expand exploration drilling to additional structures in these prolific fields to increase shareholder value.”

Corporate Events

Petro River’s 2017 annual meeting is scheduled for September 28th at 11am (EST) at the Company’s corporate office located at 55 5th Avenue, New York, NY.

About: Petro River Oil Corp.

Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Osage County, 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. For more information, please visit our website at www.petroriveroil.com.

Forward-Looking Statements.

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 Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:

Investor Relations

ir@petroriveroil.com

telephone: (469) 828-3900

Petro River Oil Highlighted in Wall Street Journal Article

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.

FORWARD-LOOKING STATEMENTS

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:

Investor Relations
ir@petroriveroil.com
telephone: (469) 828-3900

Petro River Oil Makes Second Oil Discovery in Kern County, California

For Immediate Release  

New York, NY, August 15, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp (PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company announced today a new oil field discovery at Chardonnay 47X-35 exploration well (the “Chardonnay 47X”) at their Grapevine project in Kern County, California.  This discovery represents the second discovery in Kern County in the past 30 days and Petro River’s fourth discovery in the past 90 days.  The company previously announced two additional discoveries at their Osage County, Oklahoma, project.

The Chardonnay 47X was drilled based on recently acquired 24 square miles of 3-D seismic, which has identified several prospects.  The Chardonnay 47X well was drilled to a depth of approximately 15,000 feet, encountered over 400 feet of Stevens Sand and is scheduled to be production tested in the next 45 days.“ The Stevens Sand has been a prolific oil producer in Kern County, this discovery once again confirms our strategy of using modern 3D seismic to explore for oil in prolific producing areas. ” stated Stephen Brunner, President of Petro River.

The Chardonnay 47X follows the discovery in July of the Cattani-Rennie 47X-15 well drilled to a depth of approximately 8,500 feet which confirmed at least two commercially successful pay zones, also scheduled for production testing in the next 30 days.

Petro River owns an 8% indirect interest in the Grapevine prospect on which the Chardonnay 47X was drilled through its equity investment in Horizon Energy Partners, LLC., the operator of the Chardonnay 47X.  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.

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.

FORWARD-LOOKING STATEMENTS

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:

Investor Relations
ir@petroriveroil.com
telephone: (469) 828-3900

Petro River Oil to Participate In Drilling of Second Exploration Well in Kern County, California

New York, NY, June 30, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp (PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company announced today the spudding of the Chardonnay 47X-35 exploration well (the “Chardonnay 47X”) in the Grapevine prospect in Kern County, California this week.  Petro River owns an 8% indirect interest in the Grapevine prospect on which the Chardonnay 47X will be drilled through its equity investment in Horizon Energy Partners, LLC., the operator of the Chardonnay 47X.

The Chardonnay 47X will be drilled based on recently acquired 24 square miles of 3-D seismic, which has identified several prospects.  The Chardonnay 47X well will be drilled to a depth of 15,500 feet.  Initial results are expected in approximately 60 days.

“This exploration well is being drilled simultaneously with the recently announced Cattani- Rennie 47X-15 exploration well in which the Company owns a direct and indirect interest, and success in Kern County has the potential to have a significant impact on our financial condition, reserves and drilling inventory for Petro River,” stated Stephen Brunner, President of Petro River.

ABOUT: PETRO RIVER OIL CORP (PTRC)

Petro River Oil Corp. (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.

FORWARD-LOOKING STATEMENTS

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.

Contact:
For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact:

Investor Relations
ir@petroriveroil.com
telephone: (469) 828-3900

Petro River Oil to Drill Exploration Well in Kern County, California

For Immediate Release

New York, NY, June 27, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, announced today it will spud the Cattani-Rennie 47X-15 exploration well (the “CR 47X”) in the Sunset Boulevard prospect in Kern County, California this week.

The CR 47X will be the first well drilled by Petro River and its partners in the Sunset Boulevard prospect based on recently acquired 3-D seismic, which has identified several prospects in the Kern County field.  The Kern County field has potential prospective resources totaling up to 50 million barrels of oil in multiple pay zone opportunities.  The CR 47X well will cost approximately $2 million and will be drilled to a depth of 9,000 feet.  The CR 47X will test both the upper Miocene development opportunity and sub-trust Jewett and Vedder sandstone targets.  Initial results are expected in approximately 30 days.

Petro River owns a 19.25% interest in the Kern County field based on a 13.75% direct working interest and 5.5% indirect working interest through its 20% equity investment in Horizon Energy Partners, LLC. Historically, since its 1933 discovery, this area of Kern County has produced over 100 million barrels of oil and equivalents from six distinct reservoirs. Our 3-D survey constitutes the first modern seismic data (including both 2-D and 3-D) acquired over this geologically complex field resulting in potential prospective resources totaling over 50 million barrels of oil.

“Petro River is continuing its 3-D seismic strategy, following multiple successes in Osage County, Oklahoma to identify overlooked and much larger prospects in  California. Success in the Kern County field will have a significant impact on cashflow, reserves and drilling inventory for Petro River,” stated Stephen Brunner, President of Petro River.

 

ABOUT: PETRO RIVER OIL CORP

Petro River Oil Corp. (OTCBB: 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.

FORWARD-LOOKING STATEMENTS

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.