Richfield Oil & Gas Co. (OTCBB: ROIL) acquired 4,800 net acres of oil and gas leaseholds in central Utah.
The acquisition further strengthens the company’s exploratory land position in its high impact Overthrust and Independence projects. Since March 15, 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 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.
"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 prospects," said Douglas C. Hewitt Sr., Richield’s CEO, in the release.
Richfield Oil & Gas Co. is an independent energy company engaged in the exploration, exploitation, acquisition, and production of crude oil and natural gas in the U.S. The company is based in Salt Lake City.
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