Oil, Gas and Consumable Fuels
Company Overview of Petro River Oil Corp
Petro River Oil Corp. is engaged in the exploration and exploitation of heavy oil properties. It has interests in approximately 115,000 gross acres of oil and gas assets in the Mississippi Lime play, which consist of a 100% interest in 120 oil and gas leases that cover approximately 85,000 gross mineral acres located in various counties in the state of Kansas. Petro River Oil Corp. is based in Houston, Texas.
1980 Post Oak Boulevard
Houston, TX 77056
Key Executives for Petro River Oil Corp
Total Annual Compensation: $120.0K
Chief Financial Officer
Total Annual Compensation: $94.0K
Executive Vice President of Operations
Total Annual Compensation: $130.0K
Executive Vice President of Unconventional and Secretary
Total Annual Compensation: $120.0K
Compensation as of Fiscal Year 2014.
Petro River Oil Corp Key Developments
Petro River Oil Corp. Announces Vertical Drilling Program at Pearsonia West Concession in Osage County
Apr 3 15
Petro River Oil Corp. provided an update on its proposed drilling program on its core asset, the Pearsonia West Concession in Osage County Oklahoma, as well as other recent corporate activities. Pearsonia comprises one of the 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. The technical team has identified a number of structural closures, ranging in size from 160 acres to 1,000+ acres. These structures are suitable for and support a vertical development program that can be implemented in the near future and that the company believes economic merit in the current low crude oil price environment. The relatively shallow nature of the reservoirs in the Pearsonia region along with few drilling hazards allow for low drilling and completion costs for vertical wells. Estimated costs are in the $275,000 - $300,000 range which is about 10% of the cost of a horizontal well. Operating costs for vertical wells are also much lower. Substantial investment has been made in infrastructure which complements and accelerates the time from well completion to oil production. Additionally, each well has the opportunity to encounter multiple reservoirs of Mississippian and Pennsylvanian age, creating stacked potential for each wellbore. Recent conservative economic projections developed by the Company, calculated using low-case economic ultimate recoveries and current pricing parameters, indicate potential double-digit internal rates of return. These potential returns are enhanced if higher oil prices and larger reserves are achieved. Petro River is currently seeking development partners with the intention of commencing a pilot vertical well drilling program subject to regulatory approval.
Petro River Seeks Acquisitions
Feb 3 15
Petro River Oil Corp (OTCBB:PTRC) intends to use the net proceeds of its $10 million equity offering for future strategic acquisitions and funding the operations.
Petro River Oil Corp announced delayed 10-Q filing
Sep 15 14
On 09/15/2014, Petro River Oil Corp announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
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