SALT LAKE CITY, April 18, 2012 /PRNewswire/ -- Richfield Oil & Gas Company ("Richfield"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce that Joseph Tate has joined the Board of Directors as a fourth director. The Richfield Board now includes two independent Directors.
Mr. Tate brings over 40 years of entrepreneurial experience to the companies in which he is involved. In 1967, Joe founded Valley Sanitation where he merged in 10 other businesses in the Midwest to form Superior Services, Inc. In 1996, as the President and Chairman, Superior completed a successful initial public offering on the NASDAQ. In 1999, the Company was sold to Vivendi, a French conglomerate, for over $1 billion. At the time of the sale, Superior had over 3,000 employees and $400 million in revenue.
"The addition of Joe to the Richfield Board heralds new horizons for Richfield," said Douglas Hewitt, Chairman & CEO of the Company. "Joe will be invaluable in helping us usher Richfield to new financial markets and shareholders, and in developing a renewed awareness and understanding of the true value of Richfield. Our Board welcomes his participation in our efforts to increase value for our shareholders."
Salt Lake City‐based Richfield Oil & Gas Company is a publicly held independent oil and gas company engaged in the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. The Company's core areas include the Central Utah Over Thrust where Richfield is the operator and majority working interest owner of approximately 20,000 net acres. Richfield has further exposure to low‐risk development drilling for oil and natural gas in the Central Kansas Uplift Project where the Company focuses principally on optimizing production in its oil projects where it leases over 3,000 net acres. Please visit www.richfieldoilandgas.com for additional information.
Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Richfield's Form 10-K available from Richfield at 15 W South Temple, Suite 1050, Salt Lake City, UT 84101P.O. (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Statements about Richfield's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Richfield intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Richfield that is based on the beliefs of Richfield and/or its management as well as assumptions made by and information currently available to Richfield or its management. Richfield does not undertake any responsibility to update the forward-looking statements contained in this release.
SOURCE Richfield Oil & Gas Company