NEW YORK, July 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.”
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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 https://petroriveroil.com/ .
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.