SALT LAKE CITY, Sept. 9, 2013 /PRNewswire/ -- OTCQX: ROIL – Richfield Oil & Gas Company ("Richfield" or "Company") responded today to reports recently circulated in the media regarding pending auction sales of certain properties by describing them as grossly exaggerated and misleading. On September 6, 2013, we tendered the cash sum of $1,303,347.84 as substitute collateral to fully satisfy an outstanding judgment and filed a Motion with the Court to quash the writ of execution. It is expected that this action will immediately stop any further attempts to sell our properties, garnish our assets or otherwise interfere with our operations. "We are glad to get this behind us and focus on the upside of our growing asset base," said Douglas C. Hewitt, Richfield's CEO.
About Richfield Oil & Gas Company
Richfield is an independent exploration and production company headquartered in Salt Lake City, Utah with substantially all of its current producing assets located in Kansas, with potential high impact leases in Utah, and Wyoming. Founded in April 2011 by seasoned industry executives, Richfield is dedicated to exploiting its asset base, and to growing organically through the exploitation and development of its existing field inventory by the use of drilling, workover, recompletion and other lower-risk development projects, in order to increase proved reserves and production. In addition, the Company seeks to acquire assets within its areas of focus. Such transactions are primarily on a negotiated basis, utilizing proprietary industry relationships. The Company evaluates potential acquisitions by analyzing geological information to identify upside potential.
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. 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 annual report on Form 10-K for the year ended December 31, 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.
Investor Relations Contact Information:
RedChip Companies, Inc.
Mike Bowdoin, Vice President of Sales
(800) 733-2447, ext. 110
SOURCE Richfield Oil & Gas Company