The $610,000 purchase offers the company a 100 percent working interest for the property in the Graham Reservoir oil field, only 120 miles northeast of Salt Lake City, where Richfield Oil is headquartered.
"We believe this purchase represents excellent reserve values in both known and potential off-set and infield drilling locations," said CEO and Chariman Douglas Hewitt in a release.
The company said the well was shuttered in 2003, but has untested oil and gas reserves in the Dakota Formation nearly three miles underground. Richfield expects to go right to work on the well, with flow testing and production operations at the well beginning sometime this quarter.
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