New York-based Petro River Oil Corp. announced Wednesday that the company’s recently acquired and reprocessed 3-D seismic data has shown positive results in three project areas located in Oklahoma and California. Petro River intends to move forward with drilling four wells on these three core assets during the second quarter of 2017, according to a company press release.
“The 3-D seismic surveys have allowed Petro River to confirm viable prospects in three of our active project areas,” said Stephen Brunner, Petro River’s President. “This data improves our understanding of structure, trap type and reservoir characteristics enabling our exploration effort to move forward with more precision and lower exploration risks. If any of the initial wells are successful, numerous additional opportunities for reserve additions and substantial production will be available to Petro River.”
OK Energy Today reported on August 17, 2016 that Petro River planned to accelerate drilling in the Pearsonia West Concession in Osage County, Oklahoma. The property includes 106,500 contiguous acres resulting in production in excess of 20 million barrels of oil through vertical well development. It is also in close proximity to fields that have produced 200 million barrels of oil through vertical production since the early 1900s.
The Company recently reprocessed 35 square miles of 3-D seismic data which defined 4,480 acres of structural closures and multiple Pennsylvanian channel and Mississippian chat formations. As a result, Petro River and its operating partners are in the process of securing permits to drill four wells by April 2017. The program will test the first 1,610 acres of the defined structural closure, which has prospective resource potential of 2.5 million barrels of oil. Results are expected by June 2017.
An additional 55 square miles of 3-D seismic is planned to be shot by the Company in the southern portion of the concession in 2017. Assuming success in the initial drilling phase, the Company anticipates providing scalable and repeatable vertical drilling opportunities within the concession boundaries.
Petro River’s drilling plans also include two Kern County projects in the California Mojave Desert. Kern County is the home to four of the ten largest oil fields in the United States and continues to be an active petroleum producing province.