Richfield Oil & Gas Company has received the completed study of its Liberty #1 discovery well from Baker Hughes GMI Geomechanics Services (GMI).

As previously announced on April 30, GMI analyzed the geo-mechanics of the Liberty #1 Well, the natural fractures in the Twin Creek Limestone and Navajo Sandstone, reservoir permeability, and formation issues associated with relative permeability damage, which is inhibiting commercial flow rates of known hydrocarbons. Richfield is in the process of implementing the team's recommendations for the next phase of operations in the Liberty #1 Well.

Richfield's interest in the Liberty #1 Well, which is contained in the Liberty Prospect, is 64.29% working interest before payout ("BPO") and 50.56% working interest after payout ("APO"). In the remaining Liberty Prospect, which incorporates a total of 1,185 acres, Richfield owns a 74.69% working interest BPO and a 59.56% working interest APO. The Liberty Prospect is on the Paxton Thrust in the northernmost part of the Central Utah Overthrust in Juab County, Utah.

Tags: Richfield Oil & Gas Company