Petro River Oil is securing “the largest contiguous oil and gas acreage position in north-eastern Oklahoma” as it acquires an explorer.
The Houston-based buyer on 30 May took a controlling interest in Bandolier Energy, itself a vehicle set up to acquire Oklahoma-based Spyglass Energy.
Petro River did not reveal a purchase price but said it was an all-cash transaction.
Spyglass has a 100% interest in the Pearsonia West Concession, covering some 106,000 acres in Oklahoma.
Petro River said the acreage has “substantial original oil in place, stacked reservoirs, as well as exploratory and development opportunities that can be accessed through both horizontal and vertical drilling”.
It continued: “Significant infrastructure is already in place including 32 square miles of 3D seismic, three 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.”
Both Petro River and Bandolier are “in various phases of negotiations to develop parts of Pearsonia via joint ventures with industry partners to accelerate their drilling and development programme,” the former said.