|By PR Newswire||
|January 16, 2013 06:57 PM EST||
HOUSTON, Jan. 16, 2013 /PRNewswire/ -- Rio Bravo Oil, Inc. (OTCBB: RIOB) ("Rio Bravo" or the "Company"), a domestic onshore oil company, announced today that it has completed drilling its first horizontal Edwards formation well, the DG Tiller #4H. The well demonstrated the presence of hydrocarbon during drilling and has the potential to produce approximately 150 barrels of oil per day and to cumulatively produce up to approximately 250,000 barrels of oil. The well is located within the Salt Flat Field, in Luling, Texas. Well completion will conclude this week, and the well will be placed on production. The company estimates that it will be able to determine the optimal production level of the well within 30 days.
The Company also equipped and put into production four inactive Austin Chalk wells. These wells are each producing several barrels of oil per day, and following a review period the Company will determine their stabilized production and expected cumulative production. Lastly, the Company is in the process of testing for additional reserves in the DG Tiller #3H. Following results from its current capital projects, Rio Bravo believes that it will be able to increase its stated reserve position.
Rio Bravo's CEO, Tom Bowman, commented, "We have taken the important first steps. Our first horizontal well was drilled in zone and has good contact with the upper Edwards formation. We remain focused on delivering shareholder value. Obtaining production from our recent efforts should strengthen the value of our overall reserve position."
About Rio Bravo Oil, Inc.
Headquartered in Houston, Texas, Rio Bravo Oil is a growth focused publicly traded exploration and production company with a strategic focus on development of proved undeveloped reservoirs, and the expansion of fields through unconventional methods and resource development. Rio Bravo is focused on developing conventional and unconventional oil fields onshore in the United States. Rio Bravo Oil's leasehold position in the Salt Flat and Luling Branyon fields has positioned us to expand through focused drilling in a productive environment. Additional information is available on the Company's website at http://www.riobravooil.com/
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments RIOB expects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by RIOB based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of RIOB, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in RIOB's filings with the Securities and Exchange Commission ("SEC"). RIOB's SEC filings are available on its website at www.RioBravoOil.com and on the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made and RIOB undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Rio Bravo Oil, Inc.