Richfield Oil & Gas Company announced it has begun completion of the Wasatch National Forest #16-15 Well in Uinta County, Wyoming. The well and the acreage were acquired by the Company in December of 2012. Development work on the well site and Mechanical Integrity Testing of the well was completed in October of 2012 prior to the closing of the acquisition. The well is expected to be put into production in April 2013. The Company owns an 80 percent working interest and a 62.4 percent net revenue interest in the well and a 100 percent working interest and a 78 percent net revenue interest in the surrounding acreage.
"We are excited to begin the first phase of our Rocky Mountain activities. These operations add to the Company's cash flow which will help Richfield to continue to develop our Kansas properties and ramp up our Central Utah plans," Chairman and CEO of Richfield Douglas C. Hewitt, Sr. said.
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