New York, NY – May 18, 2016 -- InvestorsHub NewsWire
-- Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the
“Company”) is pleased to announce that Petro River UK Limited, its
wholly owned subsidiary, has received notice regarding the
commencement of drilling operations on the Woodburn Forest-1 Well
in Larne Basin, Northern Ireland. Initial results are expected in
July 2016.
The vertical well will be drilled to a depth of 2,000 meters
(approximately 6,500 feet) to test the commercial viability of
three conventional sandstone reservoir intervals, the Triassic
Sherwood Sandstone, Lower Permian Sandstone and Carboniferous
Sandstones. The P50 Prospective Resources have been estimated by
our joint venture partners at 25 million barrels of oil within the
Woodburn Forest prospect.
As previously disclosed, Petro
River and Horizon Energy Partners, LLC (“Horizon Energy)
collectively acquired a 25% working interest (9% and 16%,
respectively), in approximately 130,000 gross acres of both onshore
and offshore petroleum licenses in the Larne Basin. The Larne Basin
has broad similarities to the highly prolific Carboniferous sourced
East Irish Sea Basin to the southeast, which has produced over 200
million barrels of oil and 4 trillion cubic feet of natural gas.
The exploration of the Larne Basin, if successful, has the
potential of being one of the largest, recent on-shore discoveries
in Western Europe.
Stephen Brunner, President of Petro River commented, “The
commencement of drilling operations at Larne Basin is a major
milestone for the Company, its shareholders and working interest
partners. Larne Basin remains one of the only Carboniferous basins
in Europe that is untested for hydrocarbons. As a micro-cap company
today, we are excited to be a part of a project like this with such
large potential.”
Brunner continued: “After we reach total depth, our teams will
complete a comprehensive subsurface engineering study to fully
analyze and evaluate each of the sandstone reservoir intervals.
Findings from this well, coupled with new 3-D seismic data to be
acquired in the basin over subsurface prospects previously
identified by recently collected 2-D seismic data will help define
and high-grade potential locations for future wells. The success of
this first pilot test well, and the data gained from it, should
substantially increase the value of our exploration program and
reduce future development risk in Larne Basin.”
Additional details of the Woodburn Forest-1 Well will be
announced as they become available.
About: Petro River Oil Corp.
Petro River Oil Corp. (OTCBB: PTRC) is an independent energy
company with its core holdings in Northeast Oklahoma, the Larne
Basin in Northern Ireland, and Kern County, California. Petro
River’s strategy is to apply modern technology, such as 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.
For more information, please visit our website at www.petroriveroil.com.
About: Horizon Energy Partners, LLC.
Horizon Energy is an oil and gas exploration and development
company with a portfolio of domestic and international assets. The
majority of the funding for Horizon Energy has come from seasoned
oil and gas industry professionals, including several former senior
oil industry executives who have run both major and large
independent oil and gas companies, and have advised large energy
focused private equity funds and hedge funds. Horizon Energy is
managed by Jonathan Rudney; Mr. Rudney has over 30 years of senior
executive experience in the upstream oil and gas industry, and,
throughout his career, has been instrumental in the growth and
success of several private E&P companies. Horizon Energy was
formed to take advantage of the current depressed oil market and
has identified and acquired a portfolio of highly attractive oil
and gas assets. A common theme underlying each project is the
application of modern technology, such as the use of 3-D seismic
data.
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
report on Form 10-Q, and its other reports filed with the SEC under
the Securities Exchange Act of 1934, as amended. For further
information, please contact:
Investor Relations
ir@petroriveroil.com
(469) 828-3900