Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Richfield Ramps Up Kansas Production Ahead of Merger Deal
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Richfield Oil & Gas Company has reported that since entering into the Agreement and Plan of Merger with Stratex Oil & Gas Inc. announced on May 7, 2014, which must be approved by Richfield shareholders, Richfield has received $1.7 million in proceeds from the $3 million Loan Agreement with Stratex which has been advanced to fast forward the pre-merger development of Richfield's high quality and scalable Kansas properties, under a mutually agreeable work program.
Since May 7, 2014 Richfield's production in the Kansas field has increased from 58 bopd gross (42 bopd net) to 152 bopd gross (133 bopd 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…
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