Petro River Oil Corp. announced earnings results for the fiscal year ending April 30, 2018. The company recorded annual revenues of $723,409 on oil and gas sales for the fiscal year, with $447,491 earned in the fourth quarter ending April 30, 2018. Most of this revenue is derived from the Company's first oil field discovery, the West Blackland field, in Osage County, Oklahoma. By the end of the fourth quarter ending April 30, 2018, the Company had ten producing wells in the West Blackland field. The success of these wells marks a significant turning point in the Company's history. The company posted a net loss of approximately $20.5 million or $1.25 per share for its fiscal year ending April 30, 2018, attributable primarily to the following one-time charges: a $11.9 million loss resulting from the redemption of the Megawest interest in January 2018; an accounting loss of $3.4 million from the Company's acquisition of an additional 46.81% interest in the Company's Osage County project in November 2017; and a $1.7 million loss due to impairment of non-producing assets outside of Osage County. The Company does not anticipate that similar charges will occur in its fiscal year ending April 30, 2019.

Based on current production from existing wells, the company's operations have turned cash flow positive during the current first quarter ending July 31, 2018. The company expects to achieve positive net income at the conclusion of the company's Fall 2018 drilling program, which will include eight additional wells in the North Blackland field and two additional wells in the Arsaga field. It is currently anticipated that the Company's Fall 2018 drilling program will be funded entirely from current cash flow. With the success of the Arsaga field, and the West and North Blackland fields, the company currently anticipates significant cashflow from oil and gas production in 2019.