Petro River Oil Corp (Petro River Oil), an independent oil and gas exploration company announced the spudding of the Chardonnay 47X-35 exploration well (the “Chardonnay 47X”) in the Grapevine prospect in Kern County, California this week.
Petro River owns an 8% indirect interest in the Grapevine prospect on which the Chardonnay 47X will be drilled through its equity investment in Horizon Energy Partners, LLC., the operator of the Chardonnay 47X.
The Chardonnay 47X will be drilled based on recently acquired 24 square miles of 3-D seismic, which has identified several prospects. The Chardonnay 47X well will be drilled to a depth of 15,500 feet. Initial results are expected in approximately 60 days.
“This exploration well is being drilled simultaneously with the recently announced Cattani- Rennie 47X-15 exploration well in which the Company owns a direct and indirect interest, and success in Kern County has the potential to have a significant impact on our financial condition, reserves and drilling inventory for Petro River,” stated Stephen Brunner, President of Petro River.