Richfield Oil & Gas Co. (OTC: ROIL) has aggressively been working on its Kansas wells during the past 30 days.
This work has included the installation of a submersible pump with the installation of a second cogeneration facility in its South Haven Field located in Sumner County, Kan. These cogeneration facilities allow the company to generate its own electric power to run its submersible pumps from natural gas produced from the field, lowering operating costs. Richfield owns a 100% working interest and a 78.5% net revenue interest in its South Haven Field.
Richfield has also installed a second submersible pump together with other operational activities to increase salt water disposal well capacity to facilitate growing field operations in the company's Koelsch Field in Stafford County, Kan. Richfield owns an 85.5% working interest in the Koelsch Field, with a 79% net revenue interest.
Richfield is in the process of completing general maintenance on multiple wells in three different fields in Russell County, Kan. All of this work is anticipated to be completed by the end of October. Richfield owns a 100% working interest and an 80% net revenue interest in these additional wells.
On Oct. 11, Richfield sold a 51.25% working interest in its Wasatch National Forest #16-15 well and lease located in Uinta County, Wyo., for total consideration of $512,500. Richfield will allocate the funds from this sale toward the recompletion of the Wasatch well and for the work described above on its Kansas leases. Richfield will own a 28.75% working interest until the work is completed. Uinta Energy Partners LLC, who purchased an 11.25% working interest, will earn an additional 8.75% working interest upon their completion of the well with the contribution of personnel and engineering expertise. Richfield's working interest will then be reduced to 20% in the project. This Wasatch well is expected to be placed in operation during November 2013.
"The current work in our Kansas and Wyoming properties together with our leasing activities in Utah are part of the company's ongoing plans for strategic development of its properties," Doug Hewitt, Richfield's CEO, said in the release. "We are already beginning to see the anticipated benefits of this work and look forward to reporting production increases as these wells come on-line."
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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