In an era of shale, Petro River Oil (PTRC) is going old-school.
The shale revolution has been the driving force behind America’s resurgence as a leading oil producer. However, given the costly nature of shale projects, Petro River has shunned them. Instead, the New York-based company targets conventional oil that can turn a profit no matter where crude is trading. Some Petro wells can pump oil at a cost of less than $1 a barrel.
U.S. crude settled at $49.01 a barrel Wednesday, well above oil’s 52-week low of $26.21 on Feb. 11. And through the summer, analysts expect a busy driving season to further erase some of the oil glut that has suppressed prices. More Americans are taking road trips this year amid cheaper gasoline prices, according to AAA.