Richfield Oil & Gas buys acreage in Utah, US

Richfield Oil & Gas has acquired around 4,800 net acres of oil and gas leaseholds in central Utah.

The company has increased its net land position in the Overthrust project by 32%, from the 10,562 acres it held on 15 March to the 15,375 acres it holds currently.

Richfield has an apporximately 89.5% working interest in the deeper Jurassic Navajo and Mississippian objectives and a 44.25% working interest in the shallow Cretaceous zones in around 11,500 net acres in the HUOP Freedom Trend prospect of the Gunnison Thrust in central Utah.

The company has used gravity, multi-spectral satellite geochem and reprocessed and proprietary seismic techniques to discover prospects within Richfield’s acreage.

Richfield Oil & Gas CEO Douglas C Hewitt said that the company is actively participating in the Central Utah Overthrust Belt to increase its exploratory oil and gas leasehold position.

"We are doing this in anticipation of increased activities and third party planned operations," Hewitt added.

"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."

The company also holds oil and gas assets in Kansas and Wyoming.

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Image: Richfield Oil & Gas has acquired about 4,800 net acres of oil and gas leaseholds in central Utah in US. Photo: courtesy of Bob Jenkins.