Petro River Oil Corp. provided investors with an update on the company’s Osage drilling program and ongoing corporate activities. Following the success of initial ten well drilling program, the company plans to drill an additional thirteen new wells: nine development wells in the North Blackland field, three exploration wells in the Arsaga field and one (1) exploration well in the Section 13 field. The North Blackland field was discovered by the successful drilling of the 2-34 exploration well spud on April 15, 2018 and confirmed by the 2-35 well spud on May 16, 2018. The company projects reserves of 78,154 barrels of oil equivalent per well in the North Blackland field. The Arsaga and Section 13 exploration wells, which the company anticipates drilling within the next 45 days, will test approximately 2,650 acres with a potential of up to 130 wells and, based on the reserve report, estimated ultimate recovery of 50,761 barrels of oil equivalent per well. The company currently anticipates that projected cashflow will be sufficient to fund the drilling expenses of the thirteen new wells. The Osage Mineral Council approved the following resolution i.e. extension of the twenty square miles of 3D seismic exploration from December 31, 2018 to December 31, 2019; a drilling commitment for 2018 to drill twelve wells in the concession area by December 31, 2018, and subsequently to drill nine wells annually from 2019 through 2021; and reduction of concession acreage from 106,500 to 87,740 acres.