Houston-based Petro River Oil Corp.(OTCBB: PTRC) has made a filing with the Financial Industry Regulatory Authority (FINRA) notifying FINRA of the company's intent to effectuate a reverse stock split of its common stock, at a ratio of 1 for 25. The company received approval from its shareholders on September 7, 2012 to effectuate this reverse stock split, and the company anticipates that the reverse stock split will be effective on September 5, 2013. However, no assurances can be made that the reverse stock split will be completed on this date.
Petro River Oil Corp. consummated a number of related transactions, through which it acquired control of Petro River Oil LLC and Petro’s wholly-owned subsidiary Petro River Operating LLC. Petro is an emerging oil and gas producer with producing wells in the Southeast Kansas region of the Mississippi Lime.