NEW YORK, March 12, 2019 /PRNewswire/ -- Petro River Oil
Corp. (PTRC) ("Petro River" or the "Company"), an independent oil and gas exploration company that
utilizes 3D seismic technology to discover and develop oil and gas reserves in proven oil and gas basins, is pleased to provide
investors with an update on the Grapevine and Mountain View
projects in Kern County, California. The two projects are owned and operated by subsidiaries of
Horizon Energy Partners, LLC ("Horizon") of which the Company owns a 14.52% membership interest. Stephen
Brunner, President of Petro River, is also one of the two managers of Horizon.
Grapevine Project
Horizon, through its Grapevine Energy operating subsidiary, has drilled three discovery wells within the Grapevine project area since 2017. The two wells drilled in 2017 and 2018 are producing at a combined rate
of approximately 600 barrels of oil and 160,000 cubic feet of natural gas per day. Horizon drilled a third well in January of
this year, which resulted in another discovery as confirmed by log analysis. This well will be completed and flow-tested in
April 2019. Horizon plans to expand the capacity of its permanent production facility from 1,000 to
2,000 barrels of oil per day by the fourth quarter 2019. Horizon owns a 33.75% working interest in the Grapevine project. The Company plans to issue additional information about the performance of the
Grapevine project, as well as reserve estimates, as such become available.
Mountain View Project
Horizon, through its Mountain View Resources operating subsidiary, drilled a discovery well within the Mountain View project area in June 2018. As of January 2019, the well had
produced over 100,000 barrels of oil and is currently producing at a rate of approximately 450 barrels of oil and 125,000 cubic
feet of natural gas per day. Horizon plans to drill an additional well in June 2019, followed by
one or more wells in the second half of 2019. Additionally, Horizon is in the process of design and installation of a permanent
production facility capable of accommodating up to 1,500 barrels of oil and 1 million cubic feet of natural gas per day. Horizon
expects this facility to be completed in late 2019. Horizon owns a 42.25% working interest in the Mountain View project. The Company will issue additional information on the Mountain View project as such becomes available.
"We are pleased with the results out of Kern County, as well as Horizon's plans to expand the
Grapevine and Mountain View projects in 2019. Petro River looks forward to developing further its long-standing relationship with Horizon in California and abroad this year," said Stephen Brunner, President of Petro
River Oil Corp.
Petro River will be providing investors with an additional corporate update and updated
corporate presentation in the near future to reflect the increased activity in Kern County,
California, as well as its recent announcement regarding the North Sea U.K. Project.
About Petro River Oil Corp (PTRC)
Petro River Oil Corp. (PTRC) is an independent oil and gas exploration company that utilizes 3D seismic technology to discover and
develop oil and gas reserves in proven oil and gas basins. Its core acreage is located in Osage County,
Oklahoma. Petro River's strategy is to apply modern technology, such as 3D seismic
analysis, to exploit hydrocarbon-prone resources in historically prolific plays and underexplored prospective basins to build
reserves and to create value for the Company and its shareholders. Petro River owns a 14.52%
equity interest in Horizon Energy Partners, LLC and its President, Stephen Brunner, is also a
member of the Board of Managers of Horizon Energy Partners, LLC. For more information, please visit our website at http://www.petroriveroil.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking and other statements that are not historical facts. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown
risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts,
projections and other forward looking statements will not occur, which may cause actual performance and results in future periods
to differ materially from any estimates or projections of future performance or results expressed or implied by such forward
looking statements. These forward-looking statements, projections and statements are subject to change and could differ
materially from final reported results. Readers are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the dates on which they are made. Petro River assumes no obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, Petro River undertakes no obligation to
comment on the expectations of, or statements made by, third parties in respect to the matters discussed above. Readers should
also carefully review the "Risk Factors" in Petro River's annual report on Form 10-K, its
quarterly reports on Form 10-Q, and other reports filed with the SEC under the Securities Exchange Act of 1934, as amended.
For additional information about Petro River Oil, please visit http://petroriveroil.com
Media Contact: Investor Relations
ir@petroriveroil.com
Telephone: +1(469)828-3900
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SOURCE Petro River Oil Corp.