SOURCE: Riverdale Oil and Gas Corporation

Riverdale Oil and Gas Corporation

January 07, 2015 09:00 ET

Riverdale Oil and Gas Corporation Finds Opportunities Resulting From Depressed Oil Prices

AUSTIN, TX--(Marketwired - Jan 7, 2015) - The current depressed oil prices have provided Riverdale Oil and Gas Corporation (Riverdale) (OTC PINK: RVDO) with an excellent opportunity to add new oil and gas reserves for its ongoing Acquisition Program at a much reduced cost. The Program recently purchased a 10% working interest in the Hitzfelder #8 well situated in Frio County, TX, and its 40 acre lease holding for $10,000. The well has exhibited a stable rate of production of 10 barrels of oil per day and has been selling 1 to 2 loads of oil per month (1 load equals approximately 165 barrels). The participants in the Program receive 75% of the net revenue generated from the 10% working interest, while Riverdale, the corporation, receives the remaining 25%. The acquisition adds a significant increase to the producing reserves of Riverdale's existing producing assets; and, over time, a good rate of return for the Program participants.

The majority of Riverdale's oil and gas acquisitions are currently directed towards oil production, with an ongoing history of production stability and low rates of decline.

The continued objective of Riverdale is the acquisition of low cost, high quality interests in oil and gas producing reserves, which will maintain stability for Riverdale Oil and Gas Corporation stock, while fostering a controlled growth in its asset base.

Contact Information

  • Media Contact:

    Linda Ellis
    VP Investor Relations
    800-516-9661
    Email: Email Contact