HOUSTON, Aug. 27, 2012 /PRNewswire/ -- Rio Bravo Oil, Inc.
(OTCBB: RIOB) ("Rio Bravo" or the
"Company"), a domestic oil company based in Houston, TX, announced today that it has begun
drilling operations on its leasehold in Luling, Texas. The Company recently
completed a lease trade with Eagle Energy Trust (EGL-Un.TO) which
allows for the extension of a horizontal well across the front of
its D.G. Tiller leasehold, located on the Salt Flat Field.
The Company then filed for and has received a permit to drill the
D.G. Tiller 4H well into the Edwards formation. Drilling on
the well is scheduled to commence in October 2012. In
addition to the horizontal well, the Company has also begun
recompletion of four of its existing Austin
Chalk wells.
The Company's plan is to drill several new wells on its acreage
in close proximity to existing Edwards production, and then to
evaluate the results. The work on the D.G. Tiller 4H well is
consistent with the Company's business plan. The Company
believes this approach may provide valuable information that may
enable Rio Bravo to access
significant proved oil reserves associated with its leasehold.
Additionally, Company management believes the results from
this initial drilling program may provide the basis for guiding the
Company's future development plans. Rio Bravo hopes to report initial results from
this drilling program in the early part of the 4th
quarter.
Management Comments
Rio Bravo's CEO, Tom Bowman, commented, "Development of the
Edwards formation has continued with strong results in the Luling
Area. Rio Bravo is now
positioned to potentially realize value by demonstrating results on
the DG Tiller 4H. We continue to define new locations, and
will initiate new well permits to expand the drilling program upon
completion of the DG Tiller 4H."
About Rio Bravo Oil, Inc.
Headquartered in Houston,
Texas, Rio Bravo Oil, Inc. is a growth-oriented, publicly
traded exploration and production company with a strategic focus on
development of proven undeveloped reservoirs on its properties in
the United States and the
expansion of its fields through unconventional exploration methods
and resource development. Rio Bravo Oil's leasehold position in the
Salt Flat and Luling Branyon field has positioned the Company
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, as amended. All
statements, other than statements of historical facts, included in
this press release that address activities, events, or developments
the Company expects, believes, or anticipates will or may occur in
the future are forward-looking statements. These statements are
based on certain assumptions made by the Company 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 Company's control, 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 the Company's
filings with the U.S. Securities and Exchange Commission ("SEC").
The Company'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 the Company 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.