home Finance, Headline News, Highlighted E&P Companies Petro River Oil Corp. to Acquire a 13.75% Working Interest in Oil and Gas Leases located in southern Kern County, California

Petro River Oil Corp. to Acquire a 13.75% Working Interest in Oil and Gas Leases located in southern Kern County, California

Petro River Oil Corp. to Acquire a 13.75% Working Interest in Oil and Gas Leases located in southern Kern County, California

NEW YORK, NY, March 9, 2016– Petro River Oil Corp.  (OTCBB: PTRC) (“Petro River” or the "Company"), today announced that it closed its Asset Purchase and Sale and Exploration Agreement to acquire a 13.75% working interest in oil and gas leases located within the confines a large oil field in southern Kern County, California (the “Project”). Horizon Energy Partners, LLC (“Horizon Energy”) also purchased a 27.5% working interest in the Project. Petro River is currently a party to a conditional purchase agreement with Horizon I Investments, LLC to acquire a 20% interest in Horizon Energy. The acquisition is expected to close in April 2016.

The field within the Project area has historically produced large volumes of oil and gas for many decades. The Project is located close to one of the richest oil source kitchens in the world. In southern Kern County over 10 billion bbls of oil have been produced and the area is home to four of the ten largest onshore oilfield discoveries in the United States.

The Project is geologically complex and the participants intend to acquire a new, state-of-the-art, modern 3D seismic survey over the Project area.
 

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