Business
Petro River Oil Corp. Announces Vertical Drilling Program in Osage County & Provides Corporate Update
Petro River Oil Corp. Announces Vertical Drilling Program in Osage County & Provides Corporate Update.
About this update from Petro River Oil Corporation
[{"type":"text","content":"\n \n \n Petro River Oil Corp. Announces Vertical Drilling Program in Osage County & Provides Corporate Update\n \n \nPetro River Oil Corp. Announces Vertical Drilling Program in Osage County & Provides Corporate Update\n\nProgram Expected to Produce Economic Results at Current Crude Oil Prices\n\n \n HOUSTON, TX--(Marketwired - Apr 2, 2015) - Petro River Oil Corp. (OTCQB: PTRC) (\"Petro River\" or the \"Company\") is pleased to provide an update on its proposed drilling program on its core asset, the Pearsonia West Concession (\"Pearsonia\") in Osage County Oklahoma, as well as other recent corporate activities.\n Pearsonia comprises one of the largest contiguous oil and gas acreage positions in Oklahoma, at approximately 106,000 acres. Petro River acquired a controlling interest in the asset in May 2014 through an investment in Bandolier Energy LLC. Pearsonia had been previously exploited by horizontal drilling in Mississippian reservoirs and the future exploration and development strategy was to target similar reservoirs through horizontal drilling. In order to best develop Pearsonia, Petro River is actively pursuing a vertical development program built upon the 36 miles of high quality proprietary 3D seismic. Our technical team has identified a number of structural closures, ranging in size from 160 acres to 1000+ acres. These structures are suitable for and support a vertical development program that can be implemented in the near future and that we believe has economic merit in the current low crude oil price environment.\n Shane Matson, President of Bandolier Energy commented, \"Osage County has long been known for having, along with 20 producing Paleozoic horizons, the best Mississippian reservoirs in the Mid-Continent. Our team has deep experience integrating advanced seismic interpretation techniques with existing well control to identify high grade vertical opportunities. This advantage, coupled with the immense knowledge base gained through the successful horizontal exploitation of conventional and unconventional Mississippian reservoirs in the county, gives confidence in our ability to successfully exploit the reserves we know are trapped in the subsurface.\"\n Pearsonia Vertical Drilling Program\n The relatively shallow nature of the reservoirs in the Pearsonia region along with few drilling hazards allow f...