Petro River Oil Corp. (OTCPK:PTRC) has acquired a control position in Bandolier Energy LLC, a company formed to acquire, in an all-cash transaction, all of the outstanding membership units of Spyglass Energy Group LLC, the owner of a 100% working interest in the Pearsonia West Concession in Osage County, Oklahoma.
Pearsonia comprises the largest contiguous oil and gas acreage position in Northeastern Oklahoma, approximately 106,000 acres, with substantial original oil in place, stacked reservoirs, as well as exploratory and development opportunities that can be accessed through both horizontal and vertical drilling. Significant infrastructure is already in place, including 32 square miles of 3D seismic, three-phase power, and a dedicated sub-station, as well as multiple oil producing horizontal wells. Offset producers include large independents who have drilled multiple economic horizontal Mississippi Lime wells.
Daniel Smith, executive vice president of operations, commented, "We are pleased to have completed the next step in our strategic plan following the investment by Petrol Lake Holding LLC. In completing this acquisition, we are closer to achieving our goal of joint venture development in the Mississippi Lime. We look forward to commencing our development plan in Pearsonia, and continuing to apply our diverse technical expertise in conjunction with our joint venture partners in this region."