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Petro River Oil Corp. (OTCBB: PTRC ) ("Petro River" or the "Company") is pleased to announce its year end April 30, 2018 financials and 2018 guidance. Company production has been ramping up, with more than 60% of this new production occurring in the fourth quarter. The Company recorded annual revenues of $723,409 on oil and gas sales for the fiscal year, with $447,491 earned in the fourth quarter ending April 30, 2018.
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. 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.
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, plans to drill an exploration well in the Arsaga field, potentially its largest field in Osage County, OK. Following the company's success in the North and West Blackland fields, the Arsaga exploration well marks the commitment of the company's expansionary 2018 drilling program. Mr. Stephen Brunner, President of Petro River, commented, "The exploration well in the Arsaga field is the beginning of our new drilling program within our concession of Osage County.
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.
Projects Positive Net Cash Flow for Next Quarter and Doubles Down on 2018 Development Plans NEW YORK, NY / ACCESSWIRE / June 20, 2018 / Petro River Oil Corp . (OTC PINK: PTRC ) (''Petro River'' or the ...
The initial 30-day production rate, or IP rate, was 155 barrels of oil per day. The North Blackland Field is approx. 200 acres and the Company expects to drill an additional 8 to 10 wells to develop the structure. This discovery continues to validate the Company's use of 3D seismic technology to identify oil structures that were overlooked in historically prolific areas.
NEW YORK, NY / ACCESSWIRE / April 2, 2018 / Petro River Oil Corp. (OTC PINK: PTRC) ("Petro River" or the "Company") is pleased to provide an update on the development activities on ...
NEW YORK, NY / ACCESSWIRE / February 15, 2018 / Petro River Oil Corp. (OTC PINK: PTRC) ("Petro River" or the "Company") an independent oil and gas exploration company utilizing the ...