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In Oil Meltdown This Oil Company Excels

An oil exploration article Monday in Forbes.com states, “If not approaching its twilight years, global exploration potential is sporting tell-tale signs of middle age”.  Don’t tell that to oil exploration company Pero River Oil (PTRC) (STOCK PRICE) Coming off two discoveries last month in Osage County, OK and possibly a third this month, Petro now sets its sights on its resources in Kern County, California. A cost-conscious move by the company to explore and drill relatively shallow wells in historically prolific Osage County OK, may prove to be a brilliant move as cash flow from these wells will help fund a more aggressive exploration program in California where data shows potential of ten to twenty times the reserves found in Osage County.

While much attention has been paid to Petro and its discoveries in the last two weeks little was mentioned about the bigger picture in their business plan. According to their web site (www.petroriveroil.com) Petro River and partner Horizon collectively own a 41.25% working interest in oil and gas leases comprising approximately 7,000 acres, in the San Joaquin Basin in Kern County, California, covering the Kern County field redevelopment project. The Kern County field was discovered in the early 1900’s and to date has produced over 100 million barrels of oil and natural gas equivalents. It is located in close proximity to one of the richest oil source kitchens in the world. Within 20 miles of the field, over 10 billion barrels of oil have been produced and the area is home to 4 of the 10 largest onshore oil fields in the United States.

Given the historical data of this region, combined with the company’s use of state-of-the-art 3D seismic technology, a tool that has proven to reduce exploration risk, Petro is poised to potentially ride their momentum toward additional significant oil discoveries in oil rich Kern County, California.

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