Petro River to drill exploration wells with significant potential in Oklahoma
NEW YORK -- Petro River Oil Corp., an independent oil and gas exploration company utilizing the latest 3D seismic technology, has announced the spudding of one of the four exploration wells in its Pearsonia West Concession. The issuance of permits for drilling marks an important turn-out in Osage County, Okla., which had been previously delayed due to uncertainty in environmental standards and regulations.
The first two exploration wells, South Blackland 1-11 and South Blackland 2-11, will be drilled to a depth of approximately 2,800 ft. The four vertical exploration wells are testing the first 1,610 acres of the 4,480 acre structural closures identified by the re-processing of 3D seismic, and has prospective resource potential of 2.5 MMbbl of oil. Results will be anticipated within 45 days. Success on these wells will confirm interpretation of the 35 mi2 of 3D seismic re-processed in August 2016, which identified 10+ structures and significant opportunities for Petro River.
“This is a significant milestone for the company,” said Stephen Brunner, president of Petro River. “We are now able to validate our advanced 3D seismic technology, and after a prolonged waiting period in Osage County for drilling permits, the Company is excited to start our Pearsonia West project where we believe there are significant pools of oil within our defined structures.”
The Company’s Pearsonia West Concession in Osage County, Okla., includes 106,500 contiguous acres centered on the structural trend of Pearsonia-Blackland-Foraker fields. These fields have produced in excess of 20 MMbbl of oil through vertical well development, and is close to fields that have produced 200 MMbbl of oil through vertical production since the early 1900s, without the benefit of 3D seismic technology.
