Petro River Oil Corp. announced the discovery of its largest oil field with the successful drilling of the Arsaga 25-2 exploration well in Osage County, Oklahoma. The Arsaga 25-2 exploration well was the first of three exploration wells outlined in the Company's 2018 drilling program. The Arsaga well was spud on July 9, 2018 and drilled to a depth of approximately 2,750 feet. Preliminary results indicate 30 feet of productive Mississippian Chat formation, with an estimated ultimate recovery of 50,655 barrels of oil equivalent. The Company plans to provide a 30-day initial production rate or IP rate in September 2018. The estimates on ultimate recovery per well are based on the reserve report dated May 1, 2018 prepared by Cawley, Gillespie & Associates ("CGA"), an independent petroleum engineering firm.