New York, NY, March 08, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp. (OTC Pink: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company utilizing the latest 3-D seismic technology, announced today that the Bureau of Indian Affair’s (BIA) Branch of Enforcement and Lease Compliance has completed an Environmental Assessment (EA) “concerning the approval of drilling permits” for the Company’s Osage County, OK concession.
“This is one of the final hurdles needed to obtain drilling permits in Osage and we are pleased to be in compliance with the BIA, which issued a Finding of No Significant Impact concerning our Pearsonia West concession,” said Stephen Brunner, president of Petro River Oil.
“We are fully funded for this phase of our Development program and look forward to the validation of our advanced technology exploration efforts,” Brunner continued.
The document reads in part; “Based on the [Finding of No Significant Impact], the BIA also determined that it is appropriate to approve the drilling permits for the well(s) described above.”
The Pearsonia West Concession in Osage County, Oklahoma includes 106,500 contiguous acres centered on the structural trend of the Pearsonia-Blackland-Foraker fields. These fields have produced in excess of 20 million barrels of oil through vertical well development and is close to fields that have produced 200 million barrels of oil through vertical production since the early 1900s.
The Company recently reprocessed 35 square miles of 3-D seismic data which defined 4,480 acres of structural closures and multiple Pennsylvanian channel and Mississippian chat formations. As a result, Petro River and its operating partners are in the process of securing permits to drill four wells by April 2017. The program will test the first 1,610 acres of the defined structural closure, which has prospective resource potential of 2.5 million barrels of oil. Results are expected by June 2017.
An additional 55 square miles of 3-D seismic is planned to be shot by the Company in the southern portion of the concession in 2017. Assuming success in the initial drilling phase, the Company anticipates providing scalable and repeatable vertical drilling opportunities within the concession boundaries.
ABOUT: PETRO RIVER OIL CORP.
Petro River Oil Corp. (OTC Pink: 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.