SALT LAKE CITY, April 3, 2013 /PRNewswire/ -- OTCQX: ROIL - Richfield Oil & Gas Company ("Richfield" or the "Company"), announced that it has placed its Wasatch National Forest #16-15 well in Uinta County, Wyoming into production. Production commenced on March 29, and is currently producing approximately 35 barrels of oil per day. Production equipment and rates will be optimized over the next two weeks. The company is planning additional completion work on this well in the early fall of this year. This will include a completion and fracture treatment of the Frontier Formation. The Frontier Formation production will be added to the current production rates.
The well and the acreage were acquired by the Company in December of 2012. The Company owns an 80% working interest and a 62.4% net revenue interest in the well and a 100% working interest and a 78% net revenue interest in the surrounding acreage.
Douglas C. Hewitt, Sr., Chairman and CEO of Richfield stated, "We are excited to imitate production on one of our four Rocky Mountain properties. This production is accretive to cash flow, which will enable the Company to accelerate develop our core Kansas properties and continue to move forward our Central Utah plans. The Company remains committed to build stockholder value."
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 and additional leasehold assets in Utah and Wyoming. Founded in April 2011 by seasoned industry executives. Richfield is dedicated 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.
In addition, the Company is seeking to acquire assets within its areas of focus including Kansas, Wyoming and Utah. The Company purchases are primarily on a negotiated basis, utilizing its industry relationships. The Company evaluates potential acquisitions by analyzing geological information and each wellbore in each field 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, including, but not limited to, statements regarding Richfield's acreage 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