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 announced today the discovery of its largest oil field with the successful drilling of the Arsaga 25-2 exploration well in Osage County, Oklahoma.
The Arsaga 25-2 exploration well was the first of three exploration wells outlined in the Company's 2018 drilling program. The Arsaga well was spud on July 9, 2018, and drilled to a depth of approximately 2,750 feet. Preliminary results indicate 30 feet of productive Mississippian Chat formation, with an estimated ultimate recovery of 50,655 barrels of oil equivalent. The Company plans to provide a 30-day initial production rate or IP rate in September 2018. Our estimates on ultimate recovery per well are based on the reserve report dated May 1, 2018, prepared by Cawley, Gillespie & Associates ("CGA"), an independent petroleum engineering firm.
“The discovery in the Arsaga field has given the Company continued confidence in our ability to effectively use 3D seismic imaging technology to discover overlooked prospects. The development of the Arsaga field, with approximately 2,000 prospective acres and up to 100 well locations, will be the focus of our activity for the next couple of years,” said Petro River president Stephen Brunner.