The Petro River Oil Corp (PTRC) announced plans to drill a third exploration field in Osage County, Oklahoma this week, in what would be its largest effort in the state.
The independent oil and gas exploration company previously met with success in its North and West Blackland Fields, and now will move into Arsaga field as the first of three parts in an expansionary drilling push. Arsaga will focus on a 2,000-acre area that could result in as many as 100 wells pulling up around 50,000 barrels of oil.
“The exploration well in the Arsaga field is the beginning of our new drilling program within our concession of Osage County,” Stephen Brunner, president of Petro River, said. “We are confident in our past exploration success rate of 78% when utilizing 3D seismic imaging and are excited to begin this exploration in the Arsaga field. Upon success in the Arsaga field, we expect to create a scalable and repeatable drilling program that continues to find low-risk and high-return prospects.”
Petro River is an independent energy company with core holdings in Osage, based on 3D seismic technology searches.
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