Petro River Oil Provides Update on Woodburn Forest-1 Well in Larne Basin, Northern Ireland

The Company will now work with our partners to incorporate the data from the Woodburn Forest-1 well into our basinal interpretation and focus on our next phase of development. Jamie Rector, Petro River’s Chief Geological Advisor, stated, “The Woodburn Forest-1 well confirmed a primary objective of showing the presence of thermogenic gas. Structural complexity, the absence of well control and modern seismic did not allow us to optimize the well location. Our next steps include reprocessing the existing 2D seismic in the offshore block and acquiring new seismic.”

“We made an incremental step in the right direction,” said Petro River president Stephen Brunner. “While we were unable to drill the well to the original target of the Carboniferous, the discovery of thermogenic gas is promising. We are encouraged and are moving forward in our efforts to explore the Larne Basin.”

Horizon Energy is an oil and gas exploration and development company with a portfolio of domestic and international assets. The majority of the funding for Horizon Energy has come from seasoned oil and gas industry professionals, including several former senior oil industry executives who have run both major and large independent oil and gas companies, and have advised large energy focused private equity funds and hedge funds. Horizon Energy is managed by Jonathan Rudney; Mr. Rudney has over 30 years of senior executive experience in the upstream oil and gas industry, and, throughout his career, has been instrumental in the growth and success of several private E&P companies. Horizon Energy was formed to take advantage of the current depressed oil market and has identified and acquired a portfolio of highly attractive oil and gas assets. A common theme underlying each project is the application of modern technology, such as the use of 3-D seismic data.

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