Richfield Oil & Gas Co. (OTCQX: ROIL) reports results of its drilling and general field operations in the South Haven Field located in Sumner County, Kan.
The company has completed the drilling and completion of the RFO Helsel #3-1 well, the recompletion of the Rusk #2 well and the drilling, permitting and completion of the Yearout #1 SWD (salt water disposal) well. Road boring, pipeline and production facilities construction and other general field operations have been ongoing since December 2012. Richfield is the 100% working interest owner and the operator of the South Haven Field.
The RFO Helsel #3-1 was placed into production on Feb. 26 and is the first of two wells that will be put into production in the first quarter of 2013. The Helsel #1 well is currently producing at a rate of 600 barrels of total fluid per day with a 14.5% oil cut accompanied with casing head gas that is planned to be utilized to power planned lease co-generation activities. More production data will be released after the second well, the Rusk #2 well, is placed on line.
The work performed on the South Haven Field during the year ending on Dec. 31, resulted in conversion of 96,440 oil barrels and 46,771 natural gas thousand cubic feet from the net probable reserves category into the net proved developed and undeveloped reserves as contained in our 2012 reserve report filed on 8-K on Feb. 4.
Richfield is an independent oil and natural gas company headquartered in Salt Lake City.