Richfield Oil & Gas Company Acquires Additional Acreage In Central Utah
SALT LAKE CITY, July 18, 2013
SALT LAKE CITY, July 18, 2013 /PRNewswire/ --Richfield Oil & Gas Company
(OTCQX: ROIL) ("Richfield" or the "Company") has recently acquired
approximately 4,800 net acres of oil & gas leaseholds in central Utah, further
strengthening our exploratory land position in our high impact Overthrust and
Independence projects. Since March 15, 2013, the Company has increased its net
land position by 32% in the Central Utah Overthrust Project from 10,562 acres
to 15,375 acres.
The Company owns an 89.5% working interest in the deeper Jurassic Navajo and
Mississippian objectives and a 44.25% working interest in the shallow
Cretaceous zones in approximately 11,500 net acres in the HUOP Freedom Trend
Prospect along the Gunnison Thrust in central Utah.Extensive science,
including gravity, multi-spectral satellite geochem and reprocessed and
proprietary seismic has been used to identify several significant prospects
within Richfield's acreage. The work has been vetted by Utah Overthrust
expert, Floyd Moulton, who has noted key similarities between Richfield's HUOP
Freedom Trend acreage and the highly prized Wolverine Gas & Oil/Occidental
Petroleum's Providence and Covenant fields, 35 miles and 55 miles,
respectively, to the south along the same Gunnison Thrust.
Douglas C. Hewitt, Sr., Chief Executive Officer ofRichfield, stated, "We are
working diligently to enhance Richfield's valuable exploratory oil & gas
leasehold position within the Central Utah Overthrust Belt. We are doing this
in anticipation of increased activities and third party planned operations. We
believe that these recent lease acquisitions will substantially enhance the
Company's asset values and provide the critical acreage to attract joint
venture industry partners to assist in the development of these world class
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
(800) 733-2447, ext. 110
SOURCE Richfield Oil & Gas Company
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