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Richfield Oil & Gas Company Appoints Alan D. Gaines Chairman Of The Board

  Richfield Oil & Gas Company Appoints Alan D. Gaines Chairman Of The Board

PR Newswire

SALT LAKE CITY, May 7, 2013

SALT LAKE CITY, May 7, 2013 /PRNewswire/ --Richfield Oil & Gas Company
(OTCQX: ROIL) (the "Company") announced today that it appointed Alan D. Gaines
as Chairman of the Board of Directors.

Mr. Gaines has more than 30 years experience as an energy investment and
merchant banker, and has participated in the raising of debt and equity
totaling in excess of $100 billion during his career. An acknowledged expert
within the oil and gas space, over the years Mr. Gaines has been quoted by
numerous oil and gas industry periodicals, as well as a multitude of magazines
and newspapers on a global basis.

In 1983, Mr. Gaines co-founded Gaines, Berland Inc., a full service investment
bank/advisory and brokerage, specializing in global energy markets, with
particular emphasis directed at small to mid- capitalization public and
private companies, involved primarily in the exploration and production of oil
and natural gas. In the three years prior to selling his personal stake in
the company in 1998, Gaines, Berland acted as lead underwriter and/or
participated in the placement of more than $3 billion of equity and debt
securities.

In recent years, Mr. Gaines founded Dune Energy, Inc., where he served as
Chairman of the Board of Directors from its inception in 2001 through April
2011 and as Chief Executive Officer from inception through April 2007. Mr.
Gaines was the driving force behind Dune's successful capital raise in excess
of $500 million in May 2007 which resulted in the acquisition of Goldking
Energy Corporation. 

Mr. Gaines holds a B.B.A. in Finance from Baruch College (CUNY), and an M.B.A.
in Finance ("With Distinction"-Valedictorian) from The Zarb School, Hofstra
University Graduate School of Management.

Douglas C. Hewitt, Sr., CEO of Richfield, stated, "The Board of Richfield is
pleased and very excited to attract someone of Mr. Gaines' caliber. His
professional acumen and experience regarding all aspects of capital formation,
mergers and acquisitions and the oil and gas industry are a great asset for
Richfield and its stockholders going forward". Mr. Gaines added, "I am
extremely excited to be associated with Richfield and its distinguished board
of directors. I fully expect that our management team will grow Richfield into
a formidable and intelligently capitalized company in the near future. Our
goal will always be to fully maximize shareholder 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, 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.

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 annual report on Form 10-K for the year ended December 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.

Investor Relations Contact Information:

RedChip Companies, Inc.
Mike Bowdoin, Vice President of Sales
mike@redchip.com
(800) 733-2447 ext. 110

Source: Richfield Oil & Gas Company

SOURCE Richfield Oil & Gas Company

Website: http://www.richfieldoilandgas.com
 
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