AUSTIN, TX -- (MARKET WIRE) -- 03/09/12 -- Riverdale Oil and Gas Corporation (PINKSHEETS: RVDO) announces the discovery of the Lampley 1R well located in Lavaca County, Texas , in which it owns a 1.667% carried working interest. It is one of the first wells in Riverdale's program of acquisition of oil and gas interests for increasing the Company's revenues and asset base. The total reserves for the Lampley 1R has been estimated to be 2.25 Billion Cubic Feet of gas and 105,000 Barrels of oil, which at today's prices would have a gross value to the 100% working interest of $12,000,000 . Riverdale's portion, for its $10,000 investment, would have an estimated gross value of $200,000 .
The Lampley 1R well discovered 3 oil and gas sand reservoirs during the drilling of the well. The primary objective was the 5400 Yegua sand, which had a total thickness of 56 feet with the top 32 feet being gas and condensate. Reserves are estimated at 2 Billion Cubic Feet of gas and 57,000 Barrels of oil. An oil reservoir was discovered at 5260 feet in the Yegua, which had a total thickness of 3 feet and contained 41 gravity oil. The reserves are estimated at 20,000 to 48,000 Barrels of oil. The third reservoir discovered was a shallow, Miocene gas sand at 1680 feet that is 13 feet in thickness with an estimated reserve of 250,000 MCF of gas. The estimated reserves were provided by an independent, Texas licensed, professional geoscientist.
Riverdale also owns 2.5% carried working interest in 160 acres, with 4 wells being developed in Frio County, Texas and a 1% carried working interest in two wells, the Sills #1 well in Victoria County, Texas , currently in the completion phase; and, the Koomey #7 well, which is scheduled to commence drilling operations within a couple of days.
Riverdale Oil and Gas Corporation has utilized the state-of-the-art 3D seismic, and a proprietary Neural Network procedure, to base its investment activity. The Neural Network interpretation process (artificial intelligence) has demonstrated the ability to define oil and gas accumulations, with much greater accuracy, than the use of 3D seismic alone.
Media Contact:
Linda Ellis
VP Investor Relations
Direct # 512-687-1114
Email: Email Contact
Source: Riverdale Oil and Gas Corporation
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