NEW YORK, July 5th, 2018 (PRNewswire) — Petro River Oil Corp. (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, plans to drill an exploration well in the Arsaga field, potentially its largest field in Osage County, OK.
Following the company's success in the North and West Blackland fields, the Arsaga exploration well marks the commitment of the company's expansionary 2018 drilling program. This exploration well in Arsaga is the first of three wells in the program. The Arsaga exploration well will test a 2,000-acre structure and, if successful, result in the drilling of up to 100 wells with estimated ultimate recoveries per well of approximately 50,000 barrels of oil equivalent.
Mr. Stephen Brunner, President of Petro River, commented:
“The exploration well in the Arsaga field is the beginning of our new drilling program within our concession of Osage County. We are confident in our past exploration success rate of 78% when utilizing 3-D seismic imaging and are excited to begin this exploration in the Arsaga field. Upon success in the Arsaga field, we expect to create a scalable and repeatable drilling program that continues to find low-risk and high-return prospects.”
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