Richfield Oil & Gas Co. (OTCQX: ROIL) has acquired approximately 4,800 net acres of oil and gas leaseholds in central Utah, further strengthening its exploratory land position in its Overthrust and Independence projects. Since March 15, Richfield has increased its net land position by 32% in the Central Utah Overthrust Project from 10,562 acres to 15,375 acres.
Richfield 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.
CEO Douglas C. Hewitt Sr. said, "We are working diligently to enhance Richfield's valuable exploratory oil and 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."
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 leases in Utah and Wyoming.