NEW YORK, NY, June 28, 2018 Petro River Oil Corp. (OTCBB: 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, is pleased to provide investors with an update on the Company's Osage drilling program and ongoing corporate activities.
A new corporate presentation has been made available concurrently with this press release and can be found here.
Development & Exploration Plans 2018:
Osage County: Following the success of our initial ten (10) well drilling program, the Company plans to drill an additional thirteen (13) new wells: nine (9) development wells in the North Blackland field, three (3) exploration wells in the Arsaga field and one (1) exploration well in the Section 13 field.
The North Blackland field was discovered by the successful drilling of the 2-34 exploration well spud on April 15, 2018 and confirmed by the 2-35 well spud on May 16, 2018. Based on the reserve report dated May 1, 2018 prepared by Cawley, Gillespie & Associates (“CGA”), an independent petroleum engineering firm, the Company projects reserves of 78,154 barrels of oil equivalent per well in the North Blackland field.
The Arsaga and Section 13 exploration wells, which the Company anticipates drilling within the next 45 days, will test approximately 2,650 acres with a potential of up to 130 wells (based on 20 acre spacing) and, based on the reserve report, estimated ultimate recovery of 50,761 barrels of oil equivalent per well.
The Company currently anticipates that projected cashflow will be sufficient to fund the drilling expenses of the thirteen (13) new wells.
Modifications to our Osage Concession:
The Osage Mineral Council approved the following resolution No.3-307 dated May 16, 2018:
Mr. Stephen Brunner, President of Petro River, commented:
“Our 2018 plans, which will double our current number of wells if accomplished, are expected to provide significant additional cashflow to Petro River. Further, the Arsaga and Section 13 exploration wells are testing 2,650 acres, which, if successful, will provide a substantial scalable and repeatable drilling program in 2019. We remain committed to our strategy of utilizing 3D seismic technology to identify low-cost and high-return prospects, particularly those with stacked and multi-zone potential.”