Petro River discovers oil field in Osage County, Oklahoma

NEW YORK -- Petro River Oil Corp., an independent oil and gas exploration company, has announced a new oil field discovery in its’ 106,500-acre concession in Osage County, Okla., upon successfully drilling the Chat 2-11 exploration well.

The Chat 2-11 was drilled to a depth of 2,800 ft into the Mississippian Chat. Initial results indicate up to 20 ft of oil productive formation, following flow and fracing tests, the Company plans to confirm IP rates. Additional wells are being planned to evaluate the extent of this chat field discovery.

The Company is also planning to drill the Channel 1-3 to test a Red Fork channel sand and the Chat 1-30 to test a separate chat field. These structures were identified utilizing 3D seismic technology, indicating a potential of over 2.5 MMbbl of oil.

“This discovery confirms that our exploration technique utilizing 3D seismic is working,” said Stephen Brunner, president of Petro River. “We plan to spud two other wells, the Channel 1-3 based on the data from logs of the Channel 1-11, which found approximately 45 ft of tight non-productive Red Fork sand, and the Chat 1-30 a separate chat structure test. Also, we plan to shoot more seismic along the southern part of our concession later this year.”