SALT LAKE CITY, Sept. 12, 2013 /PRNewswire/ -- OTCQX: ROIL – On September 10, 2013, Richfield Oil & Gas Company's ("Richfield" or "Company") Motion to Quash the Writ of Execution previously issued in favor of Nostra Terra Oil & Gas Company ("NTOG" ) was granted by the Russell County, Kansas District Court.
The Court's Order entered September 11, 2013 (the "Order"), cancelled the sale of certain oil and gas leases and any other assets foreclosed or seized and previously scheduled for sale on September 12, 2013. Additionally, all writs of execution and garnishments of accounts presently outstanding in favor of NTOG against the Company were cancelled. NTOG is now prohibited from taking any further action to enforce the judgment previously entered against the Company pending a final accounting. NTOG is further ordered to provide its proposed accounting to Richfield and the Court by September 23, 2013, for its operation of certain seized wells that are now being returned to Richfield. Additionally, NTOG must take appropriate steps to assure that any persons/entities to whom the writs were directed are notified that all writs have been cancelled.
Pursuant to the Order, the Company today deposited the sum of $1,303,347.84 with the Clerk of the Court, which shall hold the funds until the Court determines the actual amount, IF ANY, due to NTOG at the final accounting hearing scheduled for October 1, 2013. Richfield contends that all funds necessary to fully satisfy NTOG's promissory note have either previously been paid or are now deposited with the Court.
As required, Richfield has disclosed the promissory note owed to NTOG since its initial filing with the Securities and Exchange Commission and has disclosed the pending NTOG action together with its complaint against NTOG since February 1, 2012. With the funds now paid into the Court satisfying the note owed to NTOG, Richfield will vigorously pursue its complaint against NTOG for tortious interference with business and other violations of state and federal laws damaging to the Company.
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