Richfield Oil & Gas Provides Operations Update
SALT LAKE CITY, Oct.14, 2013 /PRNewswire/ -- OTCQX: ROIL – Richfield Oil & Gas Company ("Richfield" or "Company"), an independent exploration and production company, has aggressively been working on its Kansas wells during the past 30 days. This work has included the installation of a submersible pump with the installation of a second cogeneration facility in its South Haven Field located in Sumner County, Kansas. These cogeneration facilities allow the Company to generate its own electric power to run its submersible pumps from natural gas produced from the field, lowering operating costs. Richfield owns a 100% working interest and a 78.5% net revenue interest in its South Haven Field.
Richfield has also installed a second submersible pump together with other operational activities to increase salt water disposal well capacity to facilitate growing field operations in the Company's Koelsch Field in Stafford County, Kansas. Richfield owns an 85.5% working interest in the Koelsch Field, with a 79% net revenue interest.
Richfield is in the process of completing general maintenance on multiple wells in three different fields in Russell County, Kansas. All of this work is anticipated to be completed by the end of October. Richfield owns a 100% working interest and an 80% net revenue interest in these additional wells.
On October 11, 2013, Richfield sold a 51.25% working interest in its Wasatch National Forest #16-15 well and lease located in Uinta County, Wyoming, for total consideration of $512,500. Richfield will allocate the funds from this sale toward the re-completion of the Wasatch well and for the work described above on its Kansas leases. Richfield will own a 28.75% working interest until the work is completed. Uinta Energy Partners, LLC, who purchased an 11.25% working interest, will earn an additional 8.75% working interest upon their completion of the well with the contribution of personnel and engineering expertise. Richfield's working interest will then be reduced to 20% in the project. This Wasatch well is expected to be placed in operation during November 2013.
"The current work in our Kansas and Wyoming properties together with our leasing activities in Utah are part of the Company's ongoing plans for strategic development of its properties," said Doug Hewitt, Richfield's CEO. "We are already beginning to see the anticipated benefits of this work and look forward to reporting production increases as these wells come on-line."
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 http://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