Petro River Oil Corp. has completed its acquisition of Horizon I Investments LLC in an all-stock transaction, according to a news release.
As result of the closing, Petro River acquired $5 million in cash and receivables, and an indirect 20% membership interest in Horizon Energy Partners, the release said.
“Petro River and Horizon Energy are a natural fit for one another since we’re both targeting conventional well projects that are economic even at today’s oil prices,” Stephen Brunner, president of Petro River, said in the release. “We’re not shale producers—we’re returns driven and focused on vertical well drilling programs. Our exposure to Horizon Energy’s vast portfolio of conventional oil and gas projects is unique and a significant competitive advantage for our company.”
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