SOURCE: Riverdale Oil and Gas Corporation
AUSTIN, TX--(Marketwired - Feb 14, 2014) - Riverdale (PINKSHEETS: RVDO) has commenced funding on its $500,000 dollar RVDO 2014-1 Program. Riverdale has the opportunity to acquire various oil production revenue interests in the program as well as low cost, lower risk drilling prospects with excellent yield potentials. The program consists of 200 Units of Participation at $2,500 per unit. For each unit purchased, the Board of Riverdale has allocated 5,000 shares of RVDO to be granted to each Unit of Participation. The funding will provide the capitalization for Riverdale to acquire significant production and drilling interests in various leases and prospects. After costs associated with marketing, administration, and prospect evaluation, it is projected that there will be at least $300,000 in investment capital to be able to acquire 5 more interests in Existing Production and New Drilling programs. The full terms of the RVDO 2014-1 Program are provided in its Private Placement Memorandum.
Prior to RVDO 2014-1 Program, Riverdale participated in one well during 2012, the Lampley 1R. Riverdale owns a 1.667% working interest and a 1.250% net revenue interest. The Lampley 1R well began production in June 2012. The well is currently producing at a rate of 200mcf gas per day.
The success that has been observed in the Lampley 1R well has provided initiative to accelerate and expand our cash flow and asset development.