Richfield Oil & Gas Company Engages Baker Hughes GMI Geomechanics Services to
evaluate Liberty #1 Discovery Well
SALT LAKE CITY, April 30, 2013
SALT LAKE CITY, April 30, 2013 /PRNewswire/ --Richfield Oil & Gas Company
(OTCQX: ROIL) ("Richfield" or the "Company"), has engaged Baker Hughes GMI
Geomechanics Services ("GMI") to lead a team of technical consultants to
evaluate the Liberty #1 Well in order to determine the next phase of
operations, which is anticipated to result in commercial production.
GMI will be studying the geo-mechanics of the Liberty #1 Well, the natural
fractures in the Twin Creek Limestone and Navajo Sandstone, reservoir
permeability, andformation issues associated with relative permeability
damage which is inhibiting commercial flow rates of known hydrocarbons. This
work is anticipated to take five to six weeks to complete. At that time,
Richfield will have the team's recommendations for the next phase of
operations in the Liberty #1 Well.
Richfield's interest in the Liberty #1 Well, which is contained in the Liberty
Prospect, is 64.29% working interest before payout ("BPO") and 50.56% working
interest after payout ("APO"). In the remaining Liberty Prospect, which
incorporates a total of 1,185 acres, Richfield owns a 74.69% working interest
BPO and a 59.56% working interest APO. The Liberty Prospect is on the Paxton
Thrust in the northernmost part of the Central Utah Overthrust in Juab County,
Utah. The current Liberty #1 sidetrack was drilled to approximately 4,150' TD
in May 2012 confirming the discovery of about 1,200 gross feet of hydrocarbon
charged zone in the Twin Creek Limestone and the Navajo Sandstone, including
crude oil, natural gas, and condensates.
Douglas C. Hewitt, Sr., Chairman and CEO ofRichfield, stated, "We anticipate
with great excitement the results using this expert team of consultants we
have successfully retained to study the Liberty #1 Well. We believe that
their expertise will aid Richfield's work on the well, so that we can achieve
meaningful commercial production."
About Richfield Oil & Gas Company
Richfieldis an independent exploration and production company headquartered
inSalt Lake City, Utahwith substantially all of its current producing assets
located inKansas,with additional high impact leases inUtah,andWyoming.
Founded inApril 2011by seasoned industry executives,Richfieldis dedicated
to exploit its asset base, 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, 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 visitwww.richfieldoilandgas.comfor 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
regardingRichfield's acreage inUinta 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 annual report on Form 10-K for the year endedDecember 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.
SOURCE Richfield Oil & Gas Company
Contact: Investor Relations, RedChip Companies, Inc., Mike Bowdoin, Vice
President of Sales, firstname.lastname@example.org, 1-800-733-2447 ext. 110
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