Petro River Announces Year End Financials and 2018 Guidance

New York, NY, July 31st, 2018 Petro River Oil Corp. (PTRC) (“Petro River” or the “Company”) is pleased to announce its year end April 30, 2018 financials and 2018 guidance.

Highlights include:

  • 1,131% increase in oil and gas production this year from the fiscal year ending April 30, 2017.  Company production has been ramping up, with more than 60% of this new production occurring in the fourth quarter.
  • 395% increase in proved and probable reserves this year per the May 1, 2018 evaluation (“Reserve Report”) by Cawley, Gillespie & Associates, an independent engineering firm.
  • 11.27% decrease in general and administrative expenses this fiscal year.

Year-End Financials

The Company recorded annual revenues of $723,409 on oil and gas sales for the fiscal year, with $447,491 earned in the fourth quarter ending April 30, 2018. Most of this revenue is derived from the Company’s first oil field discovery, the West Blackland field, in Osage County, Oklahoma.  By the end of the fourth quarter ending April 30, 2018, the Company had ten producing wells in the West Blackland field.  The success of these wells marks a significant turning point in the Company’s history.

The Company posted a net loss of approximately $20.5 million or ($1.25) per share for its fiscal year ending April 30, 2018, attributable primarily to the following one-time charges: (i) a $11.9 million loss resulting from the redemption of the Megawest interest in January 2018, (ii) an accounting loss of $3.4 million from the Company’s acquisition of an additional 46.81% interest in the Company’s Osage County project in November 2017, and (iii) a $1.7 million loss due to impairment of non-producing assets outside of Osage County.  The Company does not anticipate that similar charges will occur in its fiscal year ending April 30, 2019.

Operational Update and 2018 Guidance

Following our fiscal year ended April 30, 2018, the Company has successfully drilled three additional wells and discovered two new oil fields in Osage County, Oklahoma: the North Blackland field and the Arsaga field.  Two of these new wells have delineated both ends of the North Blackland field in Osage County.  The Blackland 2-34 and 2-35 wells encountered a combination of both Mississippian Chat and Burgess “pay,” which has resulted in increased production rates. Based on the Reserve Report, the 2-34 well has estimated ultimate recoveries of 127,900 barrels of oil equivalent. The Company plans to drill an additional eight wells in the North Blackland field in 2018 using current cash flow.

The success of the Company’s most recent exploration well, the Arsaga 25-2, was announced earlier this month.  Preliminary results indicate 30 feet of productive Mississippian Chat formation, with an estimated ultimate recovery of 50,655 barrels of oil equivalent based on the Reserve Report.  The Arsaga field is our largest oil field discovery with approximately 2,000 prospective acres and up to 100 well locations.

Based on current production from our existing wells, the Company’s operations have turned cash flow positive during the current first quarter ending July 31, 2018.  The Company expects to achieve positive net income at the conclusion of the Company’s Fall 2018 drilling program, which will include eight additional wells in the North Blackland field and two additional wells in the Arsaga field.  It is currently anticipated that the Company’s Fall 2018 drilling program will be funded entirely from current cash flow. With the success of the Arsaga field, and the West and North Blackland fields, the Company currently anticipates significant cashflow from oil and gas production in 2019.

“We are very pleased with our ability to restructure the Company and move towards a path of profitability by the end of 2018.  The one-time charges reflected in this fiscal year cleaned up our balance sheet, and upon completion of our 2018 drilling plans, we believe that we will be in position to recognize significant net profits for our next fiscal year,” stated Stephen Brunner, President of Petro River.

About Petro River Oil Corp (PTRC

Petro River Oil Corp. (PTRC) is an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil and gas reserves in proven oil and gas basins.  Its core acreage is located 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 http://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
Media Contact: Investor Relations
ir@petroriveroil.com
telephone: +1(469)828-3900

Petro River Discovers Largest Oil Field in the Company’s History

NEW YORKJuly 24, 2018 /PRNewswire/ --

Petro River Oil Corp (PTRC) ("Petro River" or the "Company"), an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil and gas reserves in proven oil and gas basins, announced today the discovery of its largest oil field with the successful drilling of the Arsaga 25-2 exploration well in Osage County, Oklahoma.

The Arsaga 25-2 exploration well was the first of three exploration wells outlined in the Company's 2018 drilling program. The Arsaga well was spud on July 9, 2018 and drilled to a depth of approximately 2,750 feet. Preliminary results indicate 30 feet of productive Mississippian Chat formation, with an estimated ultimate recovery of 50,655 barrels of oil equivalent. The Company plans to provide a 30-day initial production rate or IP rate in September 2018. The estimates on ultimate recovery per well are based on the reserve report dated May 1, 2018 prepared by Cawley, Gillespie & Associates ("CGA"), an independent petroleum engineering firm.

"The discovery in the Arsaga field has given the Company continued confidence in our ability to effectively use 3D seismic imaging technology to discover overlooked prospects. The development of the Arsaga field, with approximately 2,000 prospective acres and up to 100 well locations, will be the focus of our activity for the next couple of years," said Petro River President Stephen Brunner.

About Petro River Oil Corp (PTRC)

Petro River Oil Corp. (PTRC) is an independent energy company with its core holdings in Osage County, OklahomaPetro 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 Riverowns 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 http://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

Media Contact:
Investor Relations
ir@petroriveroil.com
telephone: +1(469)828-3900

PTRC Set to Drill Third and Largest Exploration Field

NEW YORKJuly 5, 2018 /PRNewswire/ —

Petro River Oil Corp. (PTRC) (‘Petro River’ or the ‘Company’), an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil and gas reserves in proven oil and gas basins, plans to drill an exploration well in the Arsaga field, potentially its largest field in Osage County, OK.

Following the company’s success in the North and West Blackland fields, the Arsaga exploration well marks the commitment of the company’s expansionary 2018 drilling program. This exploration well in Arsaga is the first of three wells in the program. The Arsaga exploration well will test a 2,000 acre structure and, if successful, result in the drilling of up to 100 wells with estimated ultimate recoveries per well of approximately 50,000 barrels of oil equivalent.

Mr. Stephen Brunner, President of Petro River, commented, “The exploration well in the Arsaga field is the beginning of our new drilling program within our concession of Osage County. We are confident in our past exploration success rate of 78% when utilizing 3D seismic imaging and are excited to begin this exploration in the Arsaga field. Upon success in the Arsaga field we expect to create a scalable and repeatable drilling program that continues to find low-risk and high-return prospects.”

About Petro River Oil Corp (PTRC)

Petro River Oil Corp. (PTRC) is an independent energy company with core holdings in Osage County, OklahomaPetro River’s strategy is to apply modern technology, including 3D Seismic analysis, to exploit hydrocarbon-prone resources in historically prolific plays and under-explored 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 the Company’s 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 http://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: +1(469)-828-3900

PETRO RIVER ANNOUNCES CONTINUED DRILLING SUCCESS IN OSAGE COUNTY AND CORPORATE UPDATE

PTRC Releases Updated Corporate Deck

NEW YORK, June 28, 2018 /PRNewswire/ — Petro River Oil Corp. (PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil and gas reserves in proven oil and gas basins, is pleased to provide investors with an update on the Company’s Osage drilling program and ongoing corporate activities.

A new corporate presentation has been made available concurrently with this press release and can be found here .

Development & Exploration Plans 2018:

Osage County: Following the success of our initial ten (10) well drilling program, the Company plans to drill an additional thirteen (13) new wells: nine (9) development wells in the North Blackland field, three (3) exploration wells in the Arsaga field and one (1) exploration well in the Section 13 field.

The North Blackland field was discovered by the successful drilling of the 2-34 exploration well spud on April 15, 2018 and confirmed by the 2-35 well spud on May 16, 2018. Based on the reserve report dated May 1, 2018 prepared by Cawley, Gillespie & Associates (“CGA”), an independent petroleum engineering firm, the Company projects reserves of 78,154 barrels of oil equivalent per well in the North Blackland field.

The Arsaga and Section 13 exploration wells, which the Company anticipates drilling within the next 45 days, will test approximately 2,650 acres with a potential of up to 130 wells (based on 20 acre spacing) and, based on the reserve report, estimated ultimate recovery of 50,761 barrels of oil equivalent per well.

The Company currently anticipates that projected cashflow will be sufficient to fund the drilling expenses of the thirteen (13) new wells.

Modifications to our Osage Concession:

The Osage Mineral Council approved the following resolution No.3-307 dated May 16, 2018:

Extension of the twenty (20) square miles of 3D seismic exploration from December 31, 2018 to December 31, 2019.
A drilling commitment for 2018 to drill twelve (12) wells in the concession area by December 31, 2018, and subsequently to drill nine (9) wells annually from 2019 through 2021.
Reduction of our concession acreage from 106,500 to 87,740 acres.
Mr. Stephen Brunner, President of Petro River, commented:

“Our 2018 plans, which will double our current number of wells if accomplished, are expected to provide significant additional cashflow to Petro River. Further, the Arsaga and Section 13 exploration wells are testing 2,650 acres, which, if successful, will provide a substantial scalable and repeatable drilling program in 2019. We remain committed to our strategy of utilizing 3D seismic technology to identify low-cost and high-return prospects, particularly those with stacked and multi-zone potential.”

ABOUT: PETRO RIVER OIL CORP (PTRC)

Petro River Oil Corp. (PTRC) is an independent energy company with core holdings in Osage County, Oklahoma. Petro River’s strategy is to apply modern technology, including 3D Seismic analysis, to exploit hydrocarbon-prone resources in historically prolific plays and under-explored 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 the Company’s 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 http://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: +1-(469)-828-3900

PETRO RIVER REPORTS 175% INCREASE IN PROVED RESERVES AND 1,053% INCREASE IN PRODUCTION

Projects Positive Net Cash Flow for Next Quarter and Doubles Down on 2018 Development Plans

NEW YORK, NY / ACCESSWIRE / June 20, 2018 / Petro River Oil Corp. (OTC PINK: PTRC) (”Petro River” or the ”Company”), is an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil & gas reserves in proven oil & gas basins. Petro River is pleased to present recent field results and its oil and gas reserves, as evaluated May 1, 2018, by independent engineering firm, Cawley, Gillespie & Associates.

Recent Corporate Highlights

  • Proved reserves as of May 1, 2018 show 175% increase from the reserve report issued on May 1, 2017.
  • BOE production increases 1,053% for fiscal year April 30, 2018 from April 30, 2017 period.
  • In May 2018, the Company completed its initial ten well exploration and development program of the West Blackland field in Osage County, Oklahoma. The wells were drilled to a depth of approximately 2,850 feet, and their results are expected to move Petro River into positive cash flow in the quarter ended July 31, 2018. Several wells encountered a combination of both Mississippian Chat and Burgess ”pay,” which has resulted in increased production rates.
  • Before year-end 2018, the Company plans to drill 13 additional wells, which would more than double its current well count. The Company currently anticipates that projected cash flow will be sufficient to fund the drilling expenses for the pending wells.
  • The 2018 drilling program will include:
  • Drilling of as many as ten development wells in the new North Blackland field discovered by the Blackland #2-34 well spud on April 15, 2018, and confirmed by the successful completion of the Blackland #2-35 well spud on May 16, 2018.
  • Drilling of three exploration wells to test the 2,000-acre Arsaga structure and 650-acre Section 13 structure identified by the Company’s 3D seismic data. If successful, these structures could yield a repeatable and scalable drilling program of as many as 130 wells in 2019 and beyond (based on 20 acres spacing per well).
  • The Company’s initial exploration program achieved a success rate exceeding 78% utilizing its current 3D seismic.

Reserve Report Summary

Petro River’s oil and gas reserves have been evaluated by Cawley, Gillespie & Associates (“CGA”), an independent petroleum engineering firm. To quantify Petro River’s reserves as of May 1, 2018, CGA evaluated 100% of Petro River’s crude oil and natural gas reserves in accordance with the definitions, standards and procedures contained in the National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities (“NI 51-101”).

Petro River has not completed its annual audit for its April 30, 2018 fiscal year; accordingly all financial amounts referred to in his news release are unaudited and represent management’s estimates. Readers are advised that these financial estimates are subject to audit, and may be subject to change based on results of the audit.

Petro River oil and gas reserves (1) at May 1, 2018 are summarized below:

Net Oil (Mbbls) Net Gas

(MMcf)

Combined

(Mboe)

Proved Developed Producing Reserves 299.0 190.3 330.7
Proved Developed Behind-Pipe Reserves 46.4 38.9 52.9
Proved Undeveloped Reserves 346.7 478.9 426.5
Total Proved Reserves 692.1 708.1 810.1
Probable Reserves 316.7 274.7 362.5
Net Present Value (PV10) (2) $20,306,500

(1) All reserves stated above are those owned by 100% of the working interest owners, with royalty burdens of 22%. Petro River owns 75% of said working interest subject to an additional two percent royalty interest not reflected above. As a result, Petro River’s net reserves are slightly less than 75% of the values set forth above.

(2) Net present value of proved plus probable reserves used in the calculation of net asset value is based on a 10% discount rate.

Petro River’s president Stephen Brunner commented:

”Our initial success has proven our team’s ability to interpret the current 3D seismic in Osage County and successfully explore for oil in this historically prolific region. Our 2018 drilling program is expected to double our current number of wells and test two new large structures (over 2,650 acres), which could significantly increase our reserves and value.”

ABOUT: PETRO RIVER OIL CORP (OTC PINK: PTRC)

Petro River Oil Corp. (OTC PINK: PTRC) is an independent energy company with core holdings in Osage County, Oklahoma. Petro River’s strategy is to apply modern technology, including 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 the Company’s 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

MARKETNEWSUPDATES.COM: TRUMP DEREGULATION CREATES ATTRACTIVE OPPORTUNITIES IN OIL AND GAS COMPANIES

OTC Stock Review published an article on SeekingAlpha.com, that included industry commentary based on the recent Oil & Gas developments, taking place in the Energy Sector that included companies such as: Independence Contact Drilling Inc. (NYSE: ICD), Patterson-UTI Energy Inc. (NASDAQ: PTEN), Petro River Oil (OTC: PTRC), Marathon Oil Corporation (NYSE: MRO) and Seadrill Partners LLC (NYSE: SDLP).

Trump’s executive orders deregulating many of the hurdles that have stymied exploration over the past 8 years, including the opening of some federal lands that have been restricted, both onshore and offshore has given new hope for big oil and gas producers. Independent oil companies, looking to capitalize on Trump’s de-regulation initiatives are taking the opportunity to flex their own not so dormant muscles, to capitalize on potential momentum in the oil drilling and exploration sector.

Read The Entire Story On CNNMoney.com