SALT LAKE CITY, March 14, 2013 /PRNewswire/ -- OTCQX: ROIL - Richfield Oil & Gas Company ("Richfield" or the "Company"), an energy company has begun completion of the Wasatch National Forest #16-15 Well in Uinta County, Wyoming. The well and the acreage were acquired by the Company in December of 2012. Development work on the well site and Mechanical Integrity Testing of the well was completed in October of 2012 prior to the closing of the acquisition. The well is expected to be put into production in April 2013. The Company owns an 80% working interest and a 62.4% net revenue interest in the well and a 100% working interest and a 78% net revenue interest in the surrounding acreage.
Douglas C. Hewitt, Sr., Chairman and CEO of Richfield stated, "We are excited to begin the first phase of our Rocky Mountain activities. These operations add to the Company's cash flow which will help Richfield to continue to develop our Kansas properties and ramp up our Central Utah plans."
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 Richfield's acreage in Uinta County, Wyoming. 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