Richfield Oil & Gas Provides Kansas Operations Update
SALT LAKE CITY, Sept. 18, 2013 /PRNewswire/ -- OTCQX: ROIL – Richfield Oil & Gas Company ("Richfield" or "Company") has completed the installation of its second electricity cogeneration facility in its South Haven Field located in Sumner County, Kansas. The Company will now install a second submersible pump in its South Haven Field which is anticipated being installed this week, subject to coordination of services. Richfield owns a 100% working interest and a 78.5% net revenue interest in its South Haven Field. Having two submersible pumps running simultaneously is expected to meaningfully enhance production. We also intend to install a second submersible pump in the Company's Koelsch Field located in Stafford County, Kansas prior to the end of this month, subject to scheduling. Richfield owns an 85.5% working interest subject to a 79% net revenue interest in its Koelsch Field.
Additionally, the Company will begin maintenance and repair program on the other wells owned by the Company in Kansas, some of which will include repairing two wells which operations have been returned to the Company recently.
Douglas C. Hewitt, CEO stated: "We are excited to move our field operations forward with the expectation of significantly increasing production over the next 60 days".
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:
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Mike Bowdoin, Vice President of Sales
(800) 733-2447, ext. 110
SOURCE Richfield Oil & Gas Company