Richfield Oil & Gas Company Announces Plan to Develop and Monetize its Oil and Gas Assets
SALT LAKE CITY, Dec. 20, 2012 /PRNewswire/ -- Richfield Oil & Gas Company, 'ROIL' ("Richfield"), announced today that it has engaged Global Hunter Securities as its financial advisor in connection with a proposed financing that will allow Richfield to further implement its growing land acquisitions in both Utah and Kansas and to execute its current drilling plans in its Kansas owned oil assets. Richfield currently expects that the proposed financing will occur during the first quarter of 2013.
Douglas Hewitt, Richfield's Chairman, President and CEO, said "We are very pleased to announce this timely engagement with Global Hunter. The focus of our mutual goals will be to assist Richfield in accelerating production and revenue objectives from Richfield's owned properties. Global Hunter has proven itself as remarkably efficient in assisting companies like Richfield reach milestones of production and in identifying and high-grading acquisitions in line with specific corporate strategies. We look forward to a long and fruitful relationship between our companies."
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 allow us 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 field 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 to increase the value of production for delivery to U.S. energy markets. Please visit www.richfieldoilandgas.com for additional information.
Statements about Richfield's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Richfield intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Richfield that is based on the beliefs of Richfield and/or its management as well as assumptions made by and information currently available to Richfield or its management. Richfield does not undertake any responsibility to update the forward-looking statements contained in this release.
SOURCE Richfield Oil & Gas Company