New York, New York – May 4, 2016. Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) is pleased to announce that it has completed its acquisition of Horizon I Investments, LLC (“Horizon Investments”) in an all-stock transaction.
As previously disclosed, as a result of the closing, Petro River acquired $5.0 million in cash and receivables, and an indirect 20% membership interest in Horizon Energy Partners, LLC (“Horizon Energy”).
Stephen Brunner, president of Petro River said, “We are excited the deal closed as expected and that our active 2016 drilling and exploration plans are on track. Petro River and Horizon Energy are a natural fit for one another since we’re both targeting conventional well projects that are economic even at today’s oil prices. We’re not shale producers – we’re returns driven and focused on vertical well drilling programs. Our exposure to Horizon Energy’s vast portfolio of conventional oil and gas projects is unique and a significant competitive advantage for our company.”