New York, NY, July 18, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, announced today a new oil field discovery in its Sunset Boulevard prospect in Kern County, California upon successfully drilling the Cattani-Rennie 47X-15 exploration well (“CR 47X”).
The CR 47X was drilled to a depth of approximately 8,500 feet and confirmed at least two commercially successful pay zones. The discovery is currently being evaluated but initial results indicate significant reserve potential. Following completion and production tests, the Company will announce development plans. Several additional prospect wells are now being planned to be drilled in Kern County.
“This is our 3rd discovery in the past 60 days confirming our application of 3-D seismic technology to find overlooked pools of oil in historically prolific fields,” said Stephen Brunner, President of Petro River.
Scot Cohen, Executive Chairman of Petro River added, “Based on our discoveries in Osage County, Oklahoma and Kern County, California, we are planning several development programs which has significantly less risk than our exploration wells. After de-risking the three discoveries with successful exploration drilling, we can finally get into our development phase which can add significant daily production and cashflow for our Company by the end of this year.”
Petro River owns a 19.25% interest in the Kern County field based on a 13.75% direct working interest and 5.5% indirect working interest through its 20% equity investment in Horizon Energy Partners, LLC. Historically, since its 1933 discovery, this field has produced over 100 million barrels of oil and equivalents from six distinct reservoirs. Our 3-D survey constitutes the first modern seismic data (including both 2-D and 3-D) acquired over this geologically complex 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.