SALT LAKE CITY, Jan. 9, 2013 /PRNewswire/ -- OTCQB: ROIL - Richfield Oil & Gas Company ("Richfield" or the "Company"), an energy company engaged in the acquisition, exploration and development of oil and natural gas properties, has acquired effective December 1, 2012, the Wasatch National Forest Well #16-15 from Frontier Energy, L.L.C. for $610,000 which includes a 640 acre mineral lease in Uinta County, Wyoming.
The purchase represents a 100% working interest in a mineral lease in the Graham Reservoir oil field in Uinta County, Wyoming, approximately 120 miles northeast of Salt Lake City, Utah. This field is located on a southern extension of the Moxa Arch and is immediately adjacent to four other oil fields that have previously produced oil from both the Dakota and Frontier Formations. The Wasatch National Forest Well #16-15, which previously produced oil before being shut-in in 2003, is completed in the Dakota Formation at 15,560 feet (115' thick with 15-30% porosity), and has additional untested oil and gas reserves in the Frontier Formation at 15,160 feet (65' thick with 16-20% Porosity). Flow testing and production operations for the Wasatch National Forest Well #16-15 are expected to occur in first quarter 2013.
Douglas Hewitt, Chairman and CEO of Richfield stated, "We are methodically building our reserve and production base through these types of high graded acquisitions. We believe this purchase represents excellent reserve values in both known and potential off-set and infield drilling locations."
About Richfield Oil & Gas Company
Richfield is an independent oil and natural gas company headquartered in Salt Lake City, Utah with substantially all of its producing assets located in Kansas and additional leasehold assets in Utah and Wyoming. Founded in April 2011 by seasoned industry executives, Richfield is dedicated to creating significant value through the disciplined acquisition and the development of its inventory of assets. Richfield is seeking to acquire assets within its areas of focus that have been determined to be low-risk development properties. Richfield purchases are primarily on a negotiated basis, utilizing its strong industry relationships. Richfield evaluates potential acquisitions by analyzing each wellbore in each field to identify upside potential.
In addition to its acquisition strategy, Richfield continues to develop and grow organically through the exploitation and development of its existing field inventory by the use of drilling, workover, recompletion and other lower-risk development projects to increase reserves and production.
Richfield applies a unique blend of technologies that allows it to be effective in its exploitation strategy. Richfield's team of industry professionals is experienced in analyzing the initial remaining reserve potential and utilizes its collective knowledge and experience to develop unrealized or underestimated value through recompletions in existing wellbores, optimized facility management and low-risk development drilling. Richfield believes that its approach extends the economic life of fields and allows Richfield to increase the value of production for delivery to U.S. energy markets. 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, including, but not limited to, statements regarding the 640 acres acquired by Richfield in Uinta County, Wyoming. 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 quarterly report on Form 10-Q for the quarter ended September 30, 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.
SOURCE Richfield Oil & Gas Company