New York, NY, May 31, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp(OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, announced today the planned spudding of the Henderson 1-30 well this week, a separate potential chat structure – following the success of the Chat 2-11 and the Red Fork 1-3 wells on its Pearsonia West Concession in Osage County, OK this month.
The Henderson 1-30 will be drilled to a depth of approximately 2,800 feet. This will be the third exploratory well drilled by the Company in the past month.
“After positive results on our past two wells, which discovered 2 separate chat oil fields, we feel our 3-D seismic technology has been proven to mitigate risk and are moving forward with our plan to drill this third exploratory well,” said Stephen Brunner, president of Petro River Oil.
The three fields that the Company has identified in its Oklahoma asset have a potential for 2.5M barrels of oil.
In addition, the Company is currently using similar 3-D seismic technology on its California projects, which have significantly larger prospective reserves.
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.