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8-K - 8-K - Petro River Oil Corp. | ptrc8k_jun2017.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Petro River Oil to Drill Exploration Well in Kern County,
California
New York, NY, June 27, 2017 (GLOBE NEWSWIRE) — Petro River
Oil Corp (OTCBB: PTRC) (“Petro River” or the
“Company”), an independent oil and gas exploration
company, announced today it will spud the Cattani-Rennie 47X-15
exploration well (the “CR 47X”) in the Sunset Boulevard
prospect in Kern County, California this week.
The CR
47X will be the first well drilled by Petro River and its partners
in the Sunset Boulevard prospect based on recently acquired 3-D
seismic, which has identified several prospects in the Kern County
field. The Kern County field has potential prospective resources
totaling up to 50 million barrels of oil in multiple pay zone
opportunities. The CR 47X well will cost approximately $2 million
and will be drilled to a depth of 9,000 feet. The CR 47X will test
both the upper Miocene development opportunity and sub-trust Jewett
and Vedder sandstone targets. Initial results are expected in
approximately 30 days.
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 area of Kern County
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 resulting in potential prospective
resources totaling over 50 million barrels of oil.
“Petro River is continuing its 3-D seismic strategy,
following multiple successes in Osage County, Oklahoma to identify
overlooked and much larger prospects in California. Success in the
Kern County field will have a significant impact on cashflow,
reserves and drilling inventory for Petro River,” stated
Stephen Brunner, President of Petro River.
ABOUT: PETRO RIVER OIL CORP
Petro
River Oil Corp. (OTCBB: 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.