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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.
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 https://petroriveroil.com/ or contact:
telephone: (469) 828-3900