Richfield Oil & Gas Company Implementing First Round of Development on the South Haven Field
SALT LAKE CITY, Feb. 28, 2013 /PRNewswire/ -- OTCQX: ROIL - Richfield Oil & Gas Company ("Richfield" or the "Company"), an energy company engaged in the acquisition, exploration and development of oil and natural gas properties, announces results of its drilling and general field operations in the South Haven Field located in Sumner County, Kansas. The Company has completed the drilling and completion of the RFO Helsel #3-1 well, the recompletion of the Rusk #2 well and the drilling, permitting and completion of the Yearout #1 SWD (salt water disposal) well. Road boring, pipeline and production facilities construction and other general field operations have been ongoing since December 2012. Richfield is the 100% working interest owner and the operator of the South Haven Field.
The RFO Helsel #3-1 was placed into production on February 26, 2013 and is the first of two wells that will be put into production in the first quarter of 2013. The Helsel #1 well is currently producing at a rate of 600 barrels of total fluid per day with a 14.5% oil cut accompanied with casing head gas that is planned to be utilized to power planned lease co-generation activities. More production data will be released after the second well, the Rusk #2 well, is placed on line.
The work performed on the South Haven Field during the year ending on December 31, 2012 resulted in conversion of 96,440 oil barrels and 46,771 natural gas MCF from the Net Probable Reserves category into the Net Proved Developed and Undeveloped Reserves as contained in our 2012 Reserve Report filed on 8-K on February 4, 2013.
President and CEO, Douglas C. Hewitt, Sr., said, "We are very pleased with these initial results. The South Haven Project, as well as other activities planned this year are in line with our stated production objectives."
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