Petro River Oil Corp (PTRC) is off to a strong day in the market today, and for good reason. Early this morning, the company announced the discovery of a new oil field, causing excitement among investors and prompting gains in the value of the stock. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:22), PTRC is trading at $1.60 per share after a gain of $0.20 per share or 14.29% thus far today.
PTRC Gains On New Oil Field Discovery
As mentioned above, Petro River Oil Corp is having a strong start to the trading week this week after announcing the discovery of a new oil field. The oil field is the second field found in the comapny’s 106,500 acre concession in Osage County, OK. The field was announced after the company completed the successful drilling of what is now known as the Red Fork 1-3 exploration well. However, that’s not the big story.
The big story is that the Red Fork 1-3 well tested multiple zones. As a result of this testing, the company believes to have found a second oil field. Based on the data provided through the tests, it is expected that the field consists of more than 20 feet of oil productive formation. In a statement, PTRC President, Stephen Brunner, had the following to offer…
“This is a significant 2nd discovery for Petro River and we are excited with the initial results…”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PTRC. In particular, we’re interested in following the news surrounding the new oil field and production associated with this field. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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