Richfield Oil & Gas Increases Production Potential With Addition Of Two Submersible Pumps

Oct 29, 2013, 10:34 ET from Richfield Oil & Gas Company

SALT LAKE CITY, Oct. 29, 2013 /PRNewswire/ -- OTCQX: ROIL – Richfield Oil & Gas Company ("Richfield" or "Company"), an independent exploration and production company,  has acquired two additional submersible pumps that will be installed in its Gorham Field located in Russell County, Kansas. In addition to the work that was previously announced on October 14, 2013, the addition of two additional submersible pumps will provide for increased production with the benefit of increasing the current proven and probable reserves assigned to these wells.  Upon successful scheduling, it is anticipated that this work will be completed, in conjunction with other operations currently underway, sometime in early November. Richfield owns a 100% working interest and an 80% net revenue interest in the Gorham field.

The first phase of work on the Company's Wasatch National Forest #16-15 well located in Uinta County, Wyoming was completed with the successful perforation of the targeted zones. The well is being flowed intermittently to allow for clean up. Continuous production operations are anticipated to begin early November 2013.

Douglas C. Hewitt, president and CEO of Richfield, stated, "Many important milestones for the Company are now occurring with increased momentum in our field operations. We are currently evaluating multiple options for optimum growth within our published strategies."

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.

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SOURCE Richfield Oil & Gas Company