Petro River Oil Corp. (OTC: PTRC) News - June 20, 2018

PETRO RIVER REPORTS 175% INCREASE IN PROVED RESERVES AND 1,053% INCREASE IN PRODUCTION

PROJECTS POSITIVE NET CASH FLOW FOR NEXT QUARTER AND DOUBLES DOWN ON 2018 DEVELOPMENT PLANS

New York, June 20, 2018 - Petro River Oil Corp. (OTC: PTRC) (“Petro River” or the “Company”), is an independent oil and gas exploration company that utilizes 3D seismic technology to discover and develop oil & gas reserves in proven oil & gas basins. Petro River is pleased to present recent field results and its oil and gas reserves, as evaluated May 1, 2018, by independent engineering firm, Cawley, Gillespie & Associates.

Recent Corporate Highlights

•  Proved reserves as of May 1, 2018 show 175% increase from the reserve report issued on May 1, 2017.
•  BOE production increases 1,053% for fiscal year April 30, 2018 from April 30, 2017 period.
•  In May 2018 the Company completed its initial ten well exploration and development program of the West Blackland field in Osage County, Oklahoma. The wells were drilled to a depth of approximately 2,850 feet, and their results are expected to move Petro River into positive cash flow in the quarter ended July 31, 2018. Several wells encountered a combination of both Mississippian Chat and Burgess “pay,” which has resulted in increased production rates.
•  Before year-end 2018, the Company plans to drill 13 additional wells, which would more than double its current well count. The Company currently anticipates that projected cashflow will be sufficient to fund the drilling expenses for the pending wells.
•  The 2018 drilling program will include:
           o Drilling of as many as ten development wells in the new North Blackland field discovered by the Blackland #2-34 well spud on April 15, 2018, and confirmed by the successful completion of the Blackland #2-35 well spud on May 16, 2018.
          o Drilling of three exploration wells to test the 2,000-acre Arsaga structure and 650-acre Section 13 structure identified by the Company’s 3D seismic data. If successful, these structures could yield a repeatable and scalable drilling program of as many as 130 wells in 2019 and beyond (based on 20 acres spacing per well)
•  The Company’s initial exploration program achieved a success rate exceeding 78% utilizing its current 3D seismic.

Reserve Report Summary

Petro River’s oil and gas reserves have been evaluated by Cawley, Gillespie & Associates ("CGA"), an independent petroleum engineering firm. To quantify Petro River’s reserves as of May 1, 2018, CGA evaluated 100% of Petro River’s crude oil and natural gas reserves in accordance with the definitions, standards and procedures contained in the National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Petro River has not completed its annual audit for its April 30, 2018 fiscal year; accordingly all financial amounts referred to in his news release are unaudited and represent management's estimates. Readers are advised that these financial estimates are subject to audit, and may be subject to change based on results of the audit.

Petro River oil and gas reserves (1) at May 1, 2018 are summarized below:

⁽¹⁾ All reserves stated above are those owned by 100% of the working interest owners, with royalty burdens of 22%.  Petro River owns 75% of said working interest subject to an additional two percent royalty interest not reflected above.  As a result, Petro River’s net reserves are slightly less than 75% of the values set forth above.⁽²⁾ Net present value of proved plus probable reserves used in the calculation of net asset value is based on a 10% discount rate.

Petro River’s president Stephen Brunner commented:  “Our initial success has proven our team’s ability to interpret the current 3D seismic in Osage County and successfully explore for oil in this historically prolific region. Our 2018 drilling program is expected to double our current number of wells and test two new large structures (over 2,650 acres), which could significantly increase our reserves and value.”

ABOUT: PETRO RIVER OIL CORP (OTC: PTRC)

Petro River Oil Corp. (OTCPK: 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

SOURCE: Petro River Oil Corp
 

Petro River Oil Discovers North Blackland Field in Osage County, OK

New York, May 22, 2018 - Petro River Oil Corp. (OTC: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company utilizing modern 3D seismic technology, announced today the discovery of a new oil field, the North Blackland Field, in its 106,500 acre concession in Osage County, OK following the successful testing of the 2-34 exploration well.

The 2-34 well was spud April 15th, 2018 and was drilled to a depth of approximately 2,850 feet. Initial results indicate both Mississippian Chat and Burgess formations were discovered and have been comingled to increase production rates. 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.

"Our Blackland development, currently producing 227 barrels of oil per day, allowed Petro River to record positive operating cash flows, marking the achievement of a significant milestone for the company. The discovery of the North Blackland field will enable Petro River to further capitalize on its investment in Osage County," said Petro River president Stephen Brunner.

ABOUT: PETRO RIVER OIL CORP (OTC PINK: PTRC)

Petro River Oil Corp. (OTC PINK: PTRC) is an independent energy company with its core holdings in Osage County, Oklahoma. 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. Petro River owns a 14.52 % 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. 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

SOURCE: Petro River Oil Corp
 

Petro River Announces Successful Drilling of 8 West Blackland Field Development Wells in Osage County, OK

New York, April 2, 2018 - Petro River Oil Corp. (OTC: PTRC) (“Petro River” or the “Company”), is pleased to provide an update on the development activities on its core acreage in Osage County, Oklahoma.

Activities Report:

After the initial discovery of the West Blackland Field in June 2017, the Company has built roads installed flowlines and constructed a central processing facility with a 1,800 BOPD capacity. Current gross daily production is 120 BOPD. In the past three months, 8 successful development wells have been drilled with two additional wells currently drilling and a number of well completions underway. On the basis of this drilling program, the Company has earned the right to extend its 100,000+ acre Concession with the Osage Tribe for an additional year.

The discovery well in the West Blackland Field (#1-3) has produced over 7,500 barrels in the past 7 months and is on track for an 8-month payback. Within the next 60 days the Company expects to report stabilized production rates and independent reserve estimates at the West Blackland Field, with all currently-drilled wells completed and producing.

In addition, the Company has filed permits for a new exploration well which, if successful, could result in a new field discovery potentially much larger than the West Blackland Field, and currently expects to have results from this well in June.

The Company has recently signed a contract for the acquisition of a modern, state-of-the-art 20 square mile 3D seismic survey to be conducted this summer in the western portion of its concession adjacent to a prolific producing trend. The West Blackland Field discovery was made on the basis of reprocessed, older vintage, low-quality 3D seismic data.

Stephen Brunner, the President of Petro River, stated, "Based on our success in the West Blackland Field, we anticipate positive cash flow generated from operations during the current quarter ending April 30, 2018. With the recent capital restructuring behind us, current production of 120 BOPD (90 BOPD net to the Company) increasing on a weekly basis and generating positive cash flow, additional exploration and development wells scheduled and a 20 square mile 3D seismic survey planned for late summer, we believe Petro River is positioned for substantial growth this year."

About: Petro River Oil Corp.

Petro River Oil Corp. (OTC PINK: PTRC) is an independent energy company with its core holdings in Osage County, Oklahoma. 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 14.52 % 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. 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 Securities and Exchange Commission 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

SOURCE: Petro River Oil Corp.

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About Petro River Oil Corp.:

WHAT WE DO

Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company focused on the exploration and development of conventional oil and gas assets. Petro River’s business model is to enter highly prospective conventional plays with industry-leading partners. Our diversification across multiple projects, each with low initial capital expenditures and strong risk reward characteristics, reduces risk and provides exposure to a number of attractive risk adjusted opportunities.

OUR BUSINESS MODEL

THREE PRINCIPAL ELEMENTS

1. ACQUISITION AND DEVELOPMENT OF OVERLOOKED AND UNDERVALUED ASSETS. WE HAVE IDENTIFIED AND ACQUIRED SUCH ASSETS IN OSAGE COUNTY, OKLAHOMA, IN THE SAN JOAQUIN VALLEY, CALIFORNIA, AND LARNE BASIN, NORTHERN IRELAND. EXPLOIT AND EXPAND KNOWN-PRODUCING OIL-FOCUSED FIELDS AND BASINS THAT HAVE BEEN NEGLECTED DUE TO LACK OF CAPITAL, MODERN IMAGING AND DRILLING ADVANCES.

2. RECOVERY LIMITED TO CONVENTIONAL DRILLING. THE COMPANY DOES NOT ENGAGE IN HORIZONTAL DRILLING, SHALE, TAR SANDS OR DEEPWATER DRILLING. IN DOING SO, WE BELIEVE WE CAN ACHIEVE BREAKEVEN AT $30 PER BBL

3. LEVERAGE SEISMIC IMAGING TO MAXIMIZE RETURNS. TECHNICAL ADVANCES IN IMAGING AND MODELING CAN LOWER RISK AND ENHANCE PRODUCTIVITY. THE COMPANY INTENDS TO UTILIZE 3-D SEISMIC AND OTHER TECHNOLOGICAL ADVANCEMENTS THAT BENEFIT ITS EXPLORATORY AND DEVELOPMENTAL DRILLING

OUR ASSETS
FOCUSED ON LOW-COST PRODUCTION PROGRAM.

Osage County, OK

Petro River is pursuing its core strategy in this well-known basin, drilling vertical wells in relatively shallow conventional legacy reservoirs using modern 3D seismic surveys.

Dorset, U.K.

Petro River and Horizon has interest in 26,000 acres adjacent to the giant Wytch Farm – the largest onshore oil field in Western Europe. Estimated prospective resources is no less than 20MM barrels of oil and 60B cubic feet of gas.

Denmark

Horizon has contractual rights to participate for a 50% interest with Ardent Oil Limited (‘Ardent’), an experienced UK-based oil and gas prospect generating company, in four recently awarded offshore licenses granted to Ardent in the 7th offshore licensing round in Denmark. The licenses are all located in unique geological settings and require modest work programs.

Grapevine Energy, LLC. California

Grapevine Energy, LLC (‘Grapevine’) is a wholly-owned subsidiary of Horizon. It was formed to acquire leasehold interests in Kern County, California and explore for and develop hydrocarbons thereon.

Kern County, California

Petro River and Horizon collectively own a 41.25% working interest in oil and gas leases comprising approximately 7,000 acres, in the San Joaquin Basin in Kern County, California, covering the Kern County field redevelopment project. Horizon has a 27.5% working interest and Petro River a 13.75% working interest.

Larne Basin, Northern Ireland

Due to historical political and geological issues, which now have been resolved, the Larne Basin remains the only Carboniferous Basin in Europe essentially untested for hydrocarbons. Through long-standing industry contacts, Horizon Energy was offered the opportunity to participate on favorable terms in the exploration and development of the Larne Basin

HISTORIC BASINS WITH BILLIONS OF BARRELS STILL IN PLACE

In Oklahoma, The Oklahoma Geologic Survey estimates that there were more than 84 billion barrels of original oil in place in Oklahoma from conventional, historically producing oil reservoirs.

In the San Joaquin Basin, California. A USGS study of the San Joaquin Basin estimated a mean of 6.5 billion barrels of undiscovered, technically recoverable oil.

In Larne Basin, Northern Ireland. The un-risked, potential recoverable resources for the entire Larne Basin are in excess of 1 billion barrels of oil.

OUR STRATEGY
OUR STRATEGY IS TO IDENTIFY, ACQUIRE AND DEVELOP CONVENTIONAL OIL AND GAS ASSETS WITH THE FOLLOWING CHARACTERISTICS:

Low drilling and completion costs --under $10 per barrel of oil.

Partnerships with local operators with deep technical understanding and success in the region.

Utilize 3D seismic technology to identify low risk – high return drilling targets for development.

OUR ADVANTAGES
Our properties lie in historic basins, with considerable oil in place, in fields that haven’t been studied with the benefit of 3D seismic data, further compromised by lack of available capital.

Technical excellence. Petro works with one of the most active drillers and operators in the region and leverages that expertise in the interpretation of geological and operational opportunities

ACQUISITION AND DEVELOPMENT OF OVERLOOKED AND UNDERVALUED ASSETS
We have identified and acquired such assets in Osage County, Oklahoma, in the San Joaquin valley, California, and Larne Basin, Northern Ireland. Exploit and expand known-producing oil-focused fields and basins that have been neglected due to lack of capital, modern imaging and drilling advances.

RECOVERY LIMITED TO CONVENTIONAL DRILLING
The company does not engage in hydraulic fracking, horizontal wells, shale, tar sands or deepwater drilling. In doing so, we believe we can achieve breakeven at $30 per BBL.

LEVERAGE SEISMIC IMAGING TO MAXIMIZE RETURNS
Technical advances in imaging and modeling can lower risk and enhance productivity. The Company intends to utilize 3-D seismic and other technological advancements that benefit its exploratory and developmental drilling program.

LEADERSHIP

Stephen Brunner

Mr. Brunner is a petroleum engineer with over 30 years of operational experience in the exploration and production of domestic and international oil and gas assets. Mr. Brunner also has extensive public company management experience. Since 2008, Mr. Brunner has served as the President and CEO of Constellation Energy Partners, a New York Stock Exchange …

Scot Cohen

Mr. Cohen has over 20 years of experience in institutional asset management, wealth management, and capital markets. Scot founded and served as Principal of the Iroquois Capital Opportunity Fund, a closed-end private equity fund which focused on investments in North American oil and gas. Mr. Cohen also co-founded Iroquois Capital, a New York based hedge …

John Wallace

Mr. Wallace was a professional basketball player associated with the National Basketball Association from June 1996 through May 2004. Since 2009, Mr. Wallace has been an alumni relations and fan development representative for the New York Knicks. In that capacity, Mr. Wallace works on community public relations and fan development initiatives

Glenn C. Pollack

Glenn C. Pollack is a Managing Director and Founder of Candlewood Partners, LLC (“Candlewood”), a merchant bank focused on middle market corporate finance and infrastructure projects. Prior to founding Candlewood, Mr. Pollack was a Managing Director and Principal of a middle market investment-banking firm with offices in Chicago and Cleveland.

Fred Schneiderman

Fred Schneiderman is the President/CEO of FBS Properties, Inc. FBS was established over 25 years ago and has served as an investment platform for Oil & Gas, Real Estate & Private Equity Investments. FBS’s original mandate was to make real estate acquisitions from the Resolution Trust Company (during the Southwest S&L bailouts).

James Rector

Dr. Rector is the Chief Technology and Geophysical Advisor to Petro River. Currently a tenured professor of Geophysics at the University of California, Berkeley, he has a unique background both as a developer and user of technology in the oil and gas industry.

Frederick Zeidman

Fred Zeidman has served as Chairman of the Board of Directors of Petroflow Energy Corporation since September 2011. Mr. Zeidman has also served as a director of Hyperdynamics Corporation since 2009 and as a director of Prosperity Bancshares, Inc. since 1986. He served as trustee for the AremisSoft Liquidating Trust since 2004.

David Briones

Mr. Briones was appointed Chief Financial Officer on August 15, 2013. Since October 1, 2010, Mr. Briones has acted as the managing member of Brio Financial Group, LLC, a financial reporting consulting firm. From January 2006 through September 2010, Mr. Briones managed the public company and hedge fund practices at Bartolomei Pucciarelli, LLC (“BP”).

.SOURCE: http://petroriveroil.com/

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