NEW YORK, May 15, 2017 (GLOBE NEWSWIRE) — : Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, expects to spud the Red Fork Channel 1-3 well today in its Pearsonia West concession in Osage County, Ok. This new field was identified with 3-D seismic; the same technology that successfully discovered the Chat field announced last week.
The Red Fork Channel 1-3 well will be drilled to a depth of 2800 feet – similar to the Chat 2-11 that discovered more than 20 feet of oil productive formation.
As previously stated, the Company’s exploration technique utilizes 3-D seismic, which has identified over a dozen fields. These exploration wells have the potential to prove 2.5+ million barrels of oil on 1,610 acres of the 4,480 acres of structural closures. The Pearsonia West concession includes 106,500 contiguous acres adjacent to one of the most productive oil fields in the Continental United States; the Burbank Field.
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.