Petro River Completes Acquisition of the Havelide System Gas-to-Liquids Technology

Petro River Oil ("Petro River" or the "Company") is pleased to report that its wholly owned subsidiary Petro Spring LLC ("Petro Spring") has completed the previously announced acquisition of all the assets owned by chemical solutions provider Havelide GTL LLC ("Havelide"), including certain patents, intellectual property, trade secrets, and know-how related to Havelide's process of converting natural gas to high value liquid products, including naphtha, hydrogen peroxide, and hydrogen gas (the "Acquisition"). The process known as "The Havelide System™" achieves gas-to-liquid ("GTL") conversion through a proprietary molten salt catalyst.

The acquisition represents the first transaction by Petro Spring, the technology-focused arm of Petro River.

According to Executive Vice President Daniel Smith, "We are pleased to announce the successful closing of this transaction. The intellectual property and trade secrets related to the Havelide SystemTM together with the addition of Dr. Boyd and his team will be valuable assets as Petro Spring seeks to guide this technology to commercialization. The molten salt expertise associated with this innovative GTL technology will be a key differentiator for Petro Spring moving forward."

Petro Spring Names New Chief Technology Officer
In connection with the acquisition, Havelide's founder and former Chief Executive Officer, Dr. Stephen Boyd, formally accepted the position as Petro Spring's Chief Technology Officer. Dr. Boyd obtained his Ph.D. in solid-state chemistry at Stony Brook University, is an expert in molten salt chemistry and is one of the first to apply molten salt chemistry towards GTL technology. Dr. Boyd is the author of eight patents.