SOURCE: Riverdale Oil and Gas Corporation

Riverdale Oil and Gas Corporation

April 20, 2012 09:00 ET

Riverdale Oil and Gas Corporation (RVDO.PK) Announces New Oil and Gas Interests

AUSTIN, TX--(Marketwire - Apr 20, 2012) - Riverdale Oil and Gas Corporation (PINKSHEETS: RVDO) announced five (5) additional oil and gas interest acquisitions at its Annual Meeting of Stockholders in Austin, Texas, on Monday the 16th of April, 2012. The acquisitions would add a significant increase to the potential reserves that Riverdale could own, once those interests are drilled.

A three (3) well program, of which Riverdale owns a 0.9375% Carried Working Interest (CWI), is scheduled for drilling early in the Second Quarter, 2012. It also owns a 1% CWI in a well that is scheduled to be drilled before the end of the Second Quarter, 2012. Additionally, Riverdale has recently acquired a 1% CWI in an abandoned gas well, scheduled for completion this following week, in the first of two well defined, untapped gas sands behind the casing.

The majority of Riverdale's oil and gas acquisitions are currently directed towards oil production, with gas prospects being defined by low development costs versus high potential rates of production.

All of the oil and gas projects that these acquired interests were selected from, are based upon state-of-the-art 3D Seismic with a proprietary Neural Network software evaluation procedure.

The objective of Riverdale will continue to be acquiring affordable, high quality interests in multiple oil and gas projects, which should maintain stability for Riverdale Oil and Gas Corporation stock, while fostering diversity and a controlled growth in its asset base.

Contact Information

  • Media Contact:
    Linda Ellis
    VP Investor Relations
    Direct # 512-687-1114
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