Riverdale Oil and Gas Corporation Announces Its $1,500,000 RVDO 2013-1 Drilling and Production Interest Acquisition Program
(firmenpresse) - AUSTIN, TX -- (Marketwire) -- 02/06/13 -- Riverdale (PINKSHEETS: RVDO) has commenced funding on its $1.5 million dollar RVDO 2013-1 Program. The Program consists of 100 Units of Participation at $15,000 per Unit. For each Unit purchased, the Board of Riverdale has allocated 25,000 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 $850,000 in investment capital to be available to acquire 17 or more interests in Existing Production and New Drilling programs. The full Terms of the RVDO 2013-1 Program are provided in its Private Placement Memorandum.
Evaluation is currently ongoing for production interest acquisition and evaluation of potential industry-based drilling prospects. It is projected that the funding will be complete during the 1st Qtr. 2013 and that the available funds will be invested by the end of the 2nd Qtr. 2013.
Prior to the RVDO 2013-1 Program, Riverdale participated in one well during 2012, the Lampley 1R, that has to date, produced a gross volume of approximately 100,000 MCF and 800 Barrels of Condensate, with no water production. Riverdale owns a 1.667% working interest and a 1.250% net revenue interest. The Lampley 1R well began production in June, 2012.
The success that has been observed in the Lampley 1R well has provided the initiative to accelerate and expand our cash flow and asset development.
Media Contact:
Linda Ellis
VP Investor Relations
Direct # 512-687-1115
Email:
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Datum: 06.02.2013 - 14:00 Uhr
Sprache: Deutsch
News-ID 226790
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Town:
AUSTIN, TX
Kategorie:
Oil & Gas
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