NEW YORK, March 12, 2019 /PRNewswire/ -- 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, is pleased to provide investors with an update on the Grapevine and Mountain View projects in Kern County, California. The two projects are owned and operated by subsidiaries of Horizon Energy Partners, LLC ("Horizon") of which the Company owns a 14.52% membership interest. Stephen Brunner, President of Petro River, is also one of the two managers of Horizon.
Horizon, through its Grapevine Energy operating subsidiary, has drilled three discovery wells within the Grapevine project area since 2017. The two wells drilled in 2017 and 2018 are producing at a combined rate of approximately 600 barrels of oil and 160,000 cubic feet of natural gas per day. Horizon drilled a third well in January of this year, which resulted in another discovery as confirmed by log analysis. This well will be completed and flow-tested in April 2019. Horizon plans to expand the capacity of its permanent production facility from 1,000 to 2,000 barrels of oil per day by the fourth quarter 2019. Horizon owns a 33.75% working interest in the Grapevine project. The Company plans to issue additional information about the performance of the Grapevine project, as well as reserve estimates, as such become available.
Mountain View Project
Horizon, through its Mountain View Resources operating subsidiary, drilled a discovery well within the Mountain View project area in June 2018. As of January 2019, the well had produced over 100,000 barrels of oil and is currently producing at a rate of approximately 450 barrels of oil and 125,000 cubic feet of natural gas per day. Horizon plans to drill an additional well in June 2019, followed by one or more wells in the second half of 2019. Additionally, Horizon is in the process of design and installation of a permanent production facility capable of accommodating up to 1,500 barrels of oil and 1 million cubic feet of natural gas per day. Horizon expects this facility to be completed in late 2019. Horizon owns a 42.25% working interest in the Mountain View project. The Company will issue additional information on the Mountain View project as such becomes available.
"We are pleased with the results out of Kern County, as well as Horizon's plans to expand the Grapevine and Mountain View projects in 2019. Petro River looks forward to developing further its long-standing relationship with Horizon in California and abroad this year," said Stephen Brunner, President of Petro River Oil Corp.
Petro River will be providing investors with an additional corporate update and updated corporate presentation in the near future to reflect the increased activity in Kern County, California, as well as its recent announcement regarding the North Sea U.K. Project.
About Petro River Oil Corp (PTRC)
Petro River Oil Corp. (PTRC) is 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. Its core acreage is located 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 http://www.petroriveroil.com
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
Media Contact: Investor Relations
SOURCE Petro River Oil Corp.