SALT LAKE CITY, Feb. 18, 2014 /PRNewswire/ -- Richfield Oil & Gas Company (OTCQX: ROIL) ("Richfield" or the "Company"), an independent exploration and production company, has completed an extensive study of data related to its Liberty #1 discovery well in the Central Utah Overthrust. The study reviewed large volumes of data collected through services provided by Weatherford International, Halliburton, and Baker Hughes, as well as prominent energy scientists and laboratories. Based on the collaboration from these services, the Company has designed the completion plan for the Liberty #1 well and has set aside the necessary funds with contingencies to immediately commence operations, scheduled to begin the first part of March.
Previous isotopic analysis identified the source of oil at the Liberty #1 well as coming from the massive Mississippian-aged Chainman Shale. Richfield is the only Company to find mobile Chainman Oil in the Central Utah Overthrust.
Richfield believes that this acreage is being oil charged through known, nearby fault zones. The oil is 50 to 55 gravity high grade crude oil, which was subsequently infused with gas from a secondary source. The implication is that the Liberty #1 well is in close proximity to the same shear zone where it is believed hundreds of billions of barrels of oil have moved from the Chainman Shale in western Utah, eastward, where 65 billion barrels of oil still remain in the tar sands of eastern Utah.
Douglas C. Hewitt, President and CEO of Richfield, stated "We believe that this completion will lead to significant commercial flow from a large known hydrocarbon column. We are very satisfied with our findings and look forward to providing further updates in an attempt to keep our shareholders apprised of these evolving operations."
Richfield's interest in the Liberty #1 well, which is contained in the Liberty Prospect, is 51.79% working interest before payout ("BPO") and 38.06 % working interest after payout ("APO"). In the remaining Liberty Prospect, which incorporates a total of 446 acres surrounding the Liberty #1 well, Richfield owns a 65.19% working interest BPO and a 50.06% working interest APO. The Liberty Prospect is on the Paxton Thrust in the northernmost part of the Central Utah Overthrust in Juab County, Utah.
The current Liberty #1 sidetrack was drilled to approximately 4,150 feet total depth in May 2012, confirming the discovery of approximately 1,200 gross feet of hydrocarbon charged zone in the Twin Creek Limestone and the Navajo Sandstone, including crude oil, natural gas, and condensates.
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