Richfield Oil & Gas reports increased production

Richfield Oil & Gas announced that since entering into the merger with Stratex Oil & Gas, Richfield has received US$ 1.7 million in proceeds from the US$ 3 million loan agreement.

The loan agreement with Stratex has been advanced to fast forward the pre-merger development of Richfield’s Kansas properties, under a mutually agreeable work program.

Since 7 May, Richfield's production in the Kansas field has increased from 58 bpd gross (42 bpd net) to 152 bpd gross (133 bpd net). This 263% increase in production is attributable to completed reworks on 7 wells, which includes the replacing of tubing, pumps and acid treatments. Reworks have begun on 3 additional wells, which is expected to bring the company’s production to approximately 207 bpd gross (183 bpd net).

In addition, Richfield will drill two new wells in Kansas within currently producing fields. The two new wells will be drilled over the next 4 weeks. During the past few weeks the rework schedule has been hampered by excess rain in Kansas which delayed the completion of the 3 well reworks.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/14072014/richfield_reports_increased_production_in_kansas_field_1038/