Petro River Oil Corp. (OTC Pink: PTRC) is engaged as an independent oil & gas company. Shares of the energy company are rallying 9.39%, through afternoon trading on Tuesday, July 18, 2017. Over the past month, Petro River Oil Corp. has seen average daily volume of 77,611 shares. However, volume of 70,425 shares or dollar volume of $164,090, has already exchanged hands on Tuesday.
Shares of Petro River Oil Corp. are rallying Tuesday, after the company announced that its 3D seismic technology has successfully located a new oil deposit in Kern County, California. The Kern County field was first discovered in 1933 and has produced over 100 million barrels of oil. Here is the full press release detailing of the oil discovery:
Petro River Oil Corp. Press Release:
New York, NY, July 18, 2017 (GLOBE NEWSWIRE) — 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 Sunset Boulevard prospect in Kern County, California upon successfully drilling the Cattani-Rennie 47X-15 exploration well (“CR 47X”).
The CR 47X was drilled to a depth of approximately 8,500 feet and confirmed at least two commercially successful pay zones. The discovery is currently being evaluated but initial results indicate significant reserve potential. Following completion and production tests, the Company will announce development plans. Several additional prospect wells are now being planned to be drilled in Kern County.
“This is our 3rd discovery in the past 60 days confirming our application of 3-D seismic technology to find overlooked pools of oil in historically prolific fields,” said Stephen Brunner, President of Petro River.
Scot Cohen, Executive Chairman of Petro River added, “Based on our discoveries in Osage County, Oklahoma and Kern County, California, we are planning several development programs which has significantly less risk than our exploration wells. After de-risking the three discoveries with successful exploration drilling, we can finally get into our development phase which can add significant daily production and cashflow for our Company by the end of this year.”
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 field 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.
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.
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.