On Oct. 1, Petro River Oil Corp. (OTC: PTRC) provided updates on several companies’ work in the Mississippi Lime and its own recent financial transactions in the area.
“The recent increase in transactions in the Mississippi Lime is an important indication that both investors and the industry are becoming more optimistic, as the technical understanding and experience is beginning to pay off. With our technical and operations team in place, we are uniquely positioned as an early-mover to leverage our team of Mississippi Lime experts to economically develop the Pearsonia West, our core asset,” said executive vice president Daniel Smith.
Recently, Eagle Energy Exploration LLC signed an agreement to acquire oil and gas assets in the Lime from Fairway Resource Partners II LLC for $195 million, Petro River said. The properties have about 20,000 net acres in Alfalfa, Grant and Wood counties, Okla. and are currently producing, the company added.
Stratex Oil & Gas made a joint development agreement in the Lime with Eagle Oil & Gas Co. and Eagle Dodge City Partners LP, for a working interest of up to 50%, the company said. Financial details were not disclosed, Petro River added.
On May 30, Petro River acquired a control position in Bandolier Energy LLC, which works in the Pearsonia West Concession in Osage County, Okla., on about 106,500 acres, the company said. The area contains 32 square miles of 3-D seismic and multiple producing horizontal wells.
Petro River noted financial updates. On July 3, it entered a memorandum of understanding with Sichuan Renzhi Oilfield Technology Services Co. Ltd. for sale of an interest in Pearsonia West and joint development of technology and properties with Sichuan Renzi investing $87.5 million, the company said.
On Dec. 12, 2013, Petro River closed a $6.5 million private placement with Chinese investment group Petrol Lakes Holding Ltd., the company said.
Petro River Oil Corp. is based in Houston.
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