Petro River Oil Corp. (OTC: PTRC) said March 9 it closed an agreement to acquire a 13.75% working interest in oil and gas leases located within a large oil field in southern Kern County, Calif.
Horizon Energy Partners LLC, which Petro River is set to acquire a stake in, also purchased a 27.5% working interest in the leases.
The terms of the transactions weren't disclosed.
The leases are geologically complex and the participants intend to acquire a new, state-of-the-art, modern 3-D seismic survey over the project area, the release said.
The field within the project area has historically produced large volumes of oil and gas for many decades, according to the release.
Petro River's conditional purchase agreement with Horizon I Investments LLC to acquire a 20% interest in Horizon Energy is expected to close in April.
RELATED: Petro River Enters Deal For Interest In Horizon Energy Partners
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