Petro River Oil Corp announces that, on May 30, 2014 it acquired a control position in Bandolier Energy LLC. (Bandolier), 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 ("Pearsonia") 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, 3 phase power, 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.