Clarification of Nostra Terra Oil & Gas Company Hearing Results
SALT LAKE CITY, March 4, 2013 /PRNewswire/ -- OTCQX: ROIL -- On March 4, 2013, Nostra Terra Oil & Gas Company ("NTOG") released a press release stating that NTOG received a $1.5 million judgment against Richfield Oil & Gas Company ("Richfield" or "Company"). Contrary to the press release, the hearing was for a partial summary judgment as to the existence of the $1.3 million note payable ("Note") together with interest which Richfield has never denied that the Note exists. The Note and interest is fully provided for in Richfield's SEC filings.
The press release fails to state that Richfield's complaint against NTOG for tortious interference with business remains unaffected. Richfield's complaint against NTOG is based upon, among other things, the filing by New Horizons Energy 1, LLC, an entity listing NTOG's CEO (Matt Lofgran) and COO (Alden McCall) as the members and managers, of foreclosure proceedings based upon a lien that had been previously paid. On October 12, 2012 the court dismissed the lien foreclosure action. In addition, NTOG has failed to provide required information regarding the accounting for wells operated by NTOG since February 1, 2012. The Court has not set a date for hearing on the accounting to be provided by NTOG nor a trial date for Richfield's complaint for tortious interference with business.
Richfield has disclosed the pending Note since its initial filing and has disclosed the pending NTOG action together with its complaint against NTOG since February 1, 2012. Richfield intends to vigorously pursue its complaint against NTOG for tortious interference with business.
About Richfield Oil & Gas Company
Richfield is an independent oil and natural gas company headquartered in Salt Lake City, Utah with substantially all of its producing assets located in Kansas and additional leasehold assets in Utah and Wyoming. Founded in April 2011 by seasoned industry executives, Richfield is dedicated to creating significant value through the disciplined acquisition and the development of its inventory of assets. Richfield is seeking to acquire assets within its areas of focus that have been determined to be low-risk development properties. Richfield purchases are primarily on a negotiated basis, utilizing its strong industry relationships. Richfield evaluates potential acquisitions by analyzing each wellbore in each field to identify upside potential.
In addition to its acquisition strategy, Richfield continues to develop and grow organically through the exploitation and development of its existing field inventory by the use of drilling, workover, recompletion and other lower-risk development projects to increase reserves and production.
Richfield applies a unique blend of technologies that allows it to be effective in its exploitation strategy. Richfield's team of industry professionals is experienced in analyzing the initial remaining reserve potential and utilizes its collective knowledge and experience to develop unrealized or underestimated value through recompletions in existing wellbores, optimized facility management and low-risk development drilling. Richfield believes that its approach extends the economic life of fields and allows Richfield to increase the value of production for delivery to U.S. energy markets. Please visit www.richfieldoilandgas.com for additional information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain 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, including, but not limited to, statements regarding the 640 acres acquired by Richfield in Uinta County, Wyoming estimates of Richfield's proved and probable reserves. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2012, as filed with the Securities and Exchange Commission, and all subsequent filings.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE Richfield Oil & Gas Company