Richfield Oil & Gas Company Announces Completion Of Its Liberty #1 Well Study
By Baker Hughes GMI Geomechanics Services
SALT LAKE CITY, July 22, 2013
SALT LAKE CITY, July 22, 2013 /PRNewswire/ --Richfield Oil & Gas Company
(OTCQX: ROIL) ("Richfield" or the "Company") has received the completed study
of its Liberty #1 discovery well from Baker Hughes GMI Geomechanics Services
As previously announced on April 30, GMI analyzed the geo-mechanics of the
Liberty #1 Well, the natural fractures in the Twin Creek Limestone and Navajo
Sandstone, reservoir permeability, and formation issues associated with
relative permeability damage, which is inhibiting commercial flow rates of
known hydrocarbons.Richfield is in the process of implementing 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,
The current Liberty #1 sidetrack was drilled to approximately 4,150 feet total
depth in May 2012, confirming the discovery of approximately 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., CEO of Richfield, stated, "We anticipated with great
interest the results that we have now obtained from GMI's expert team of
consultants, who were retained to study the Liberty #1 Well's fracture network
over the past 8-10 weeks. We are confident that their findingswill aid
Richfield in our planned completion operations in an effort to establish good
commercial flow within the primary reservoir objectives. Other options that
Richfield may consider, at some point in the future, could include drilling to
test deeper formations,including the Mississippian at approximately 9,500
feet, which is believed to be the highest structural position in the Central
Utah Overthrust. To be clear, our current plans are to complete the Liberty #1
Well in the best-known fracture network within the oil and gas saturated Twin
Creek.Further plans with respect to completion dates will be forthcoming as
services and procedures are solidified."
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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