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8-K - Petro River Oil Corp. | form8k-06282018_120656.htm |
PETRO RIVER ANNOUNCES CONTINUED DRILLING SUCCESS IN OSAGE COUNTY
AND CORPORATE UPDATE
ptrc releases updated corporate
deck
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:
●
Extension
of the twenty (20) square miles of 3D seismic exploration from
December 31, 2018 to December 31, 2019.
●
A
drilling commitment for 2018 to drill twelve (12) wells in the
concession area by December 31, 2018, and subsequently to drill
nine (9) wells annually from 2019 through 2021.
●
Reduction
of our concession acreage from 106,500 to 87,740
acres.
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.”
ABOUT: PETRO RIVER OIL CORP (OTC: PTRC)
Petro River Oil Corp. (OTCBB: PTRC) is an independent energy
company with core holdings in Osage County, Oklahoma. Petro
River’s strategy is to apply modern technology, including 3D
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 14.52% equity interest in Horizon
Energy Partners, LLC, and the Company’s president, Stephen
Brunner, is also a member of the Board of Managers of Horizon
Energy Partners, LLC. For more information, please visit our
website at www.petroriveroil.com.
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