Richfield acquires 640-acre producing property in Wyoming

1/10/2013

Richfield acquires 640-acre producing property in Wyoming

SALT LAKE CITY -- Richfield Oil & Gas Co, has acquired effective December 1, 2012, the Wasatch National Forest Well #16-15 from Frontier Energy,for $610,000 which includes a 640 acre mineral lease in Uinta County, Wyoming.

The purchase represents a 100% working interest in a mineral lease in the Graham Reservoir oil field in Uinta County, Wyoming, approximately 120 mi northeast of Salt Lake City, Utah. This field is located on a southern extension of the Moxa Arch and is immediately adjacent to four other oil fields that have previously produced oil from both the Dakota and Frontier formations.

The Wasatch National Forest Well #16-15, which previously produced oil before being shut-in in 2003, is completed in the Dakota Formation at 15,560 ft, and has additional untested oil and gas reserves in the Frontier Formation at 15,160 ft. Flow testing and production operations for the Wasatch National Forest Well #16-15 are expected to occur in first quarter 2013.

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