|By Marketwired .||
|July 11, 2014 09:00 AM EDT||
AUSTIN, TX -- (Marketwired) -- 07/11/14 -- Riverdale Oil and Gas Corporation (PINKSHEETS: RVDO) announces a significant, new oil discovery, boosting the Company's oil and gas assets; and, the extension of the RVDO 2014-1 Program.
Riverdale's new oil producing interest is in the completion stage. The field tests indicate that the well, Stowe #5, has the initial potential to produce more than 100 barrels of oil per day. The operator of the well, Property Development Group, plans to produce the well at a daily rate of 50 to 70 barrels of oil per day to maximize the long term output of the well. The Stowe #5 was completed in the prolific Catahoula oil sand in the Brookshire Field situated in Waller Co., Texas, at a depth of 2330 feet. Riverdale acquired a 3% working interest, netting a 2.25% interest in the revenue, after mineral royalty and before taxes and operating expense. The interest was acquired in a trade for some excess equipment owned in part by Riverdale. The interest is expected to create a significant increase in Riverdale's cash flow, and should be seen in this quarter's financials.
Riverdale's RVDO 2014-1 Program has been extended to December 31, 2014. The extension was approved by the Board with the intent to create a much more viable economic package for the participants. Riverdale is in the process of acquiring oil production interests for the Program, and has expanded the ability to raise substantial capital for production acquisition and lower risk drilling participation. The Program was designed to provide Riverdale with $100,000 in administrative fees and a quarterly 25% revenue distribution from the net proceeds of the Program. This would ensure Riverdale's debt free status and provide capitalization for rapid economic expansion through subsequent oil and gas programs.
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