Richfield Oil & Gas Increases Production Potential With Addition Of Two Submersible Pumps
SALT LAKE CITY, Oct. 29, 2013 /PRNewswire/ -- OTCQX: ROIL – Richfield Oil & Gas Company ("Richfield" or "Company"), an independent exploration and production company, has acquired two additional submersible pumps that will be installed in its Gorham Field located in Russell County, Kansas. In addition to the work that was previously announced on October 14, 2013, the addition of two additional submersible pumps will provide for increased production with the benefit of increasing the current proven and probable reserves assigned to these wells. Upon successful scheduling, it is anticipated that this work will be completed, in conjunction with other operations currently underway, sometime in early November. Richfield owns a 100% working interest and an 80% net revenue interest in the Gorham field.
The first phase of work on the Company's Wasatch National Forest #16-15 well located in Uinta County, Wyoming was completed with the successful perforation of the targeted zones. The well is being flowed intermittently to allow for clean up. Continuous production operations are anticipated to begin early November 2013.
Douglas C. Hewitt, president and CEO of Richfield, stated, "Many important milestones for the Company are now occurring with increased momentum in our field operations. We are currently evaluating multiple options for optimum growth within our published strategies."
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.
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SOURCE Richfield Oil & Gas Company