One strike in the oil exploration business is great but a second strike for this company in the same oil rich Kern County, California, field is extraordinary. Petro River Oil (PTRC) made that second strike and has been just as successful in Osage County Ok, with 2 additional strikes. Kern County leads the state in oil and natural gas production. Kern County produces approximately 75% of California’s in-state oil. You don’t have to be a geologist to verify this claim, just go to Wikipedia and check out Kern County oil and see startling facts where fields in the county have produced close to 2 billion barrels (as of 2006) with an estimated 476 million remaining. While these facts are a bit dated, 21st century exploration technology will undoubtedly change those numbers.
It’s easy to find all the Majors that play in this field but seldom is there an opportunity to find a smaller company like Petro that does not engage in hydraulic fracking, horizontal wells, shale, tar sands or deepwater drilling. This company is continuing to drill exploration wells in this prolific field with modern 3D seismic exploration technology, low conventional drilling costs while under the direction of the most seasoned pros in the industry. An overnight success story? Maybe not but it matters little when its “Black Gold” you’re drilling for.