New York, NY, August 15, 2017 (GLOBE NEWSWIRE) — Petro River Oil Corp (PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company announced today a new oil field discovery at Chardonnay 47X-35 exploration well (the “Chardonnay 47X”) at their Grapevine project in Kern County, California. This discovery represents the second discovery in Kern County in the past 30 days and Petro River’s forth discovery in the past 90 days. The company previously announced two additional discoveries at their Osage County, Oklahoma, project.
The Chardonnay 47X was drilled based on recently acquired 24 square miles of 3-D seismic, which has identified several prospects. The Chardonnay 47X well was drilled to a depth of approximately 15,000 feet, encountered over 400 feet of Stevens Sand and is scheduled to be production tested in the next 45 days.“ The Stevens Sand has been a prolific oil producer in Kern County, this discovery once again confirms our strategy of using modern 3D seismic to explore for oil in prolific producing areas. ” stated Stephen Brunner, President of Petro River.
(Nice news, though I'd fire the news release writer who cannot use fourth in the text and uses forth instead. Others have found the Stevens to be tight in that area, so we'll have to see what the production test yields.)
