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8-K - FORM 8-K - Petro River Oil Corp. | ptrc8k_may82017.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
PETRO RIVER DISCOVERS OIL FIELD IN OSAGE COUNTY,
OKLAHOMA
CONFIRMS EXPLORATION TECHNIQUE UTILIZING 3D SEISIMIC TECHNOLOGY;
PLANS TO SPUD ADDITIONAL WELLS IMMEDIATELY
NEW
YORK, NY, May 8, 2017 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’ 106,500 acre concession in Osage
County, Oklahoma upon successfully drilling the Chat 2-11
exploration well.
The
Chat 2-11 was drilled to a depth of 2,800 feet into the
Mississippian Chat. Initial results indicate up to 20 feet of oil
productive formation, following flow and fracking tests, the
Company plans to confirm IP rates. Additional wells are being
planned to evaluate the extent of this chat field
discovery.
The
Company is also planning to drill the Channel 1-3 to test a Red
Fork channel sand and the Chat 1-30 to test a separate chat field.
These structures were identified utilizing 3D seismic technology,
indicating a potential of over 2.5 million barrels of
oil.
“This
discovery confirms that our exploration technique utilizing 3-D
seismic is working,” said Stephen Brunner, president of Petro
River. “We plan to spud two other wells, the Channel 1-3
based on the data from logs of the Channel 1-11 which found
approximately 45 feet of tight non-productive Red Fork sand, and
the Chat 1-30 a separate chat structure test. Also, we plan to
shoot more seismic along the southern part of our concession later
this year.”
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.
FORWARD-LOOKING STATEMENTS
This
news release contains forward-looking and other statements that are
not historical facts. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward looking statements.
These forward looking statements, projections and statements are
subject to change and could differ materially from final reported
results. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on
which they are made. Petro River assumes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable securities law. Additionally, Petro River undertakes no
obligation to comment on the expectations of, or statements made
by, third parties in respect to the matters discussed above.
Readers should also carefully review the “Risk Factors”
in Petro River’s annual report on Form 10-K, its quarterly
reports on Form 10-Q, and other reports filed with the SEC under
the Securities Exchange Act of 1934, as amended.
For
additional information about Petro River Oil, please visit
http://petroriveroil.com/
or contact:
Investor
Relations
ir@petroriveroil.com
telephone:
(469) 828-3900