Transcript Document

INVESTOR PRESENTATION
February 2013
Confidential Material
TABLE OF CONTENTS
Page
Company Overview
2
Kansas Asset Overview
11
Utah and Wyoming Asset Overview
21
1
Company Overview
INVESTMENT HIGHLIGHTS
Low Risk Assets
Superior Well Economics
Liquids-Rich Asset Base with
Significant Upside Potential
Proprietary Database and Research
Technology
Best in Class Geological Team
Strong Management Team with
Proven Track Record
• Fields with long production histories and significant well control
• Documented pay in areas with low historical recovery due to antiquated methods
• Significant inventory of low-cost, high-return behind pipe and offset opportunities
• Well costs range from $0.25 - $0.50 million, with 26 MBoe EUR per zone
• Additional performance-based upside of 80 MBoe per well in the Arbuckle Formation
• Re-work and new drill type wells produce IRR’s of 329% and 126%, respectively
•
•
•
•
1,656 MBoe Proved Reserves (95% oil) - 5,447 MBoe 2P Reserves (91% oil)
$33.9 million Proved PV-10 ($158.3 million 2P PV-10)
Additional unbooked potential in horizontal Mississippian well locations
World class upside in Utah acreage in the Navajo Sandstone, Mancos Shale,
Mississippian, and other formations
• Database of over 300,000 wells – most comprehensive Kansas dataset
• Allows for rapid identification and evaluation of potential acquisitions
• Proven strategy originally developed by the Richfield management team
• Award-winning geologists with over 208 years of combined experience in analyzing
drilling and development opportunities in Kansas and Utah
• Experts in exploring for and producing from reservoirs that are not in capillary
pressure equilibrium and subject to damage from standard drilling techniques
• Expertise in overthrust geology in Rockies
• Demonstrated a unique ability to identify, evaluate and develop undercapitalized assets
• Found in excess of 1 BBoe of reservoirs in the UT / WY overthrust belt
• Pioneered the dewatering production methods now in use throughout Kansas and
Oklahoma, by many operators
3
HIGHLY EXPERIENCED MANAGEMENT TEAM
Douglas C. Hewitt: Chairman,
President and CEO
Glenn MacNeil: CFO and Director
• 27 years in managing all aspects of oil company development, including geological
analysis, design and implementation of advanced engineering, field management and
finance
• Founder & CEO of publicly traded HEGCO Canada, an oil & gas exploration company
(1995-2000), Iron Thunder Drilling (1998), Nemaha Services (1991), Hewitt Energy
Group, Inc. (1988), and New Century Petroleum (1986)
• 30 years as a CFO for the Oil and Gas and Financial Services industries, internationally
• Served as an officer and director for numerous private and public companies
• Lead roles in acquisitions, divestitures, turnaround situations and start-up businesses
Mike Cederstrom: General Counsel
and Corporate Secretary
• Practiced law since 1980, over 17 years experience advising oil and gas companies in all
areas including leasing, environmental and regulatory compliance and securities matters
• Practiced law with Dexter & Dexter Attorneys at Law from 2004 to 2008
• Served as the General Counsel and CFO of HEGCO Canada, Inc. from 1997 to 2002
David B. Hardman: Controller
• Significant experience in both public accounting and private industry
• Spent 10 years serving as a Vice President and Controller for a publicly traded company in
California as well as CFO for Big West Oil, with over $2 billion in annual sales
• Spent 9 years in public accounting with PricewaterhouseCoopers
David Detton: Land and Legal
• Licensed Utah attorney since 1976, former partner in two of the 100 largest U.S. law firms
• Managed land teams for over $1 B in acquisitions of oil & gas companies
• Managed company’s recent acquisitions of over 12,000 acres of mineral rights and 10,000
acre feet of water rights
4
DISTINGUISHED BOARD OF DIRECTORS
John McFadden: Independent
Director
Joseph Tate: Independent Director
Thomas R. Grimm: Independent
Director
• 38 years of experience in the investment banking industry
• Served with The First Boston Corporation / Credit Suisse First Boston in corporate finance
and public finance, including as Vice President and Treasurer. Served as Sr. Managing
Director of Cambridge Holding and Cambridge Partners, LLC
• 40 years of entrepreneurial experience
• Founded Valley Sanitation and merged with 10 other waste businesses to form Superior
Services, Inc.
• In 1996, as President and Chairman, completed a successful IPO on the NASDAQ
• In 1999, Superior was sold to Vivendi, a French conglomerate for over $1 billion
• Brings many years of top-level business and entrepreneurial experience to the Company's
Board
• From 1998 to 2002, Mr. Grimm served as: President and CEO of Sam's Club as well as
Executive Vice President of Wal-Mart Stores Inc., based in Bentonville, Arkansas
• Mr. Grimm served as the CEO of Pace Membership Warehouse, a subsidiary of Kmart
Stores Inc.
• Founder, President and CEO of Price Savers Membership Warehouse, which achieved one
billion dollars in sales in its last year prior to being acquired by Kmart Stores Inc.
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BEST IN CLASS TECHNICAL TEAM
Monty Hoffman: Production
Geologist
Raina Powell: Production Geologist
Bill Alexander: Petroleum Engineer
• From 2007 to 2009, served as SVP of Exploration for Hunter Energy, LLC
• From 1990 to present, has served as President of Safford Exploration - resulted in the
discovery of the 1 MMBO Thief Creek Field in the Wyoming Thrust Belt for Anshutz Corp.
• From 1976 - 1990 worked for Chevron, supervised the development of Whitney Canyon Carter Creek fields, and served as District Geologist of the Mid-Continent District
• From 1976 - 1990 worked for Chevron in various roles, including the geologic
negotiations with partners in Painter and East Painter fields
• Since 1990, has served as a Staff Geologist for Safford Exploration, Inc.
• Experience in several Wyoming basins, in the Williston Basin, and in Texas and Kansas
• From 2003 to 2005, served as Senior Staff Geologist for Nautilus Resources; supervised
the Gebo Field, which doubled from 500 BOPD to 1000 BOPD
• Over 60 years of oil and gas experience
• From 1960 to 1974, served as a drilling and completions engineer and field engineer with
Shell Oil Company
• Also served in various engineering roles with Kirby Exploration, Alexander Drilling,
Natomas North America, and Pennaco Resources Company
Paul Lamerson: Consulting
Geologist
• Over 50 years of oil and gas experience
• Currently with Safford Exploration, where he served with the team responsible for the
discovery of the 1 MMBO Thief Creek Field in the Wyoming Thrust Belt
• From 1956 to 1989, served as a geologist for Chevron where he was part of the team who
discovered Ryckman Creek (1976), Painter Reservoir (1977), East Painter Reservoir
(1978), Whitney Canyon-Carter Creek (1977), and Glasscock Hollow (1980) fields
Jeremiah J. Burton: Geologist
• 15 Years of Oil and Gas Experience in the Mid-Continent and the Rockies, including work
for Flying J Oil & Gas, and permitting work for Anadarko in Alaska.
• 10 years with Richfield and its Predecessors, including the initial identification, and
evaluation of Richfield’s current Mid-Continent Properties.
• Helped Develop Richfield’s Proprietary exploration database
6
COMPANY SUMMARY
 North American exploration and production company based in Salt Lake City, Utah
 Publicly-traded on the OTCQX U.S. Premier Market; Ticker Symbol: ROIL
 Incorporated April 2011, simultaneous with the merger with Hewitt Petroleum, Inc.
 Unique balance of low-risk assets with immediate cash flow impact and long-term upside:
 Kansas - Low-risk, low-cost, high return assets
 Independence Project, Mancos Shale - Moderate risk, high upside
 Central Utah Overthrust –High Risk, high upside
 Near-term strategy focuses on increasing cash flow through exploitation of Kansas assets
 2013 – 2014 capital program includes 80 re-work and new drill operations
 5 additional horizontal Mississippian well locations
 Pursue cash-flow accretive bolt-on acquisitions in core operating region
 Central Utah Overthrust acreage provides significant upside potential through Mancos Shale exposure
 8,510 net acres with unbooked resource potential in the Navajo Sandstone, Mancos Shale, and deep Mississippian
formations (127 potential drilling locations)
 20,000 gross acres prospective for the Mancos Shale (31 potential drilling locations)
o Partnered with experienced, NYSE-listed, independent operator with extensive experience in unconventional
resource plays
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CENTRAL KANSAS UPLIFT OVERVIEW
Unproduced Oil and Gas Zones
Arbuckle Overview
 Main target is the Arbuckle formation, a water-drive
reservoir system that has yielded 2.4 billion barrels
since the late-1920s
 Typically outfit new or recompleted Arbuckle wells
with high volume submersible pumps
 Typical well will produce 10-40 BOPD and with
proper well density, these oil rates can increase
 Untapped Potential
2009 Halliburton TMD Log, Gorham Field
 Formation has been produced almost exclusively
from its topmost layer
 Productive lower Arbuckle intervals exist in every
major CKU field. These zones were only
sporadically produced—mainly due to a lack of
information sharing among an unsophisticated,
under-capitalized producer base
 Behind Pipe Reserves
 Recent cased hole logs on Richfield’s wells identify
significant new reserves in two of Central Kansas’
largest fields
2009 Halliburton TMD Log, Trapp Field
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RESERVES SUMMARY
PV-10 by Reserve Category
Reserves by Category
PD
10%
PD
10%
PUD
11%
PUD
20%
PROB
70%
PROB
79%
Total Proved PV-10: $33.9 million
Total 2P PV-10: $158.3 million
Total Proved Reserves: 1,656 MBoe (95% Oil)
Total 2P Reserves: 5,447 MBoe (91% Oil)
2P Reserves by Hydrocarbon
Proved Reserves by Field
Gas
9%
Other
16%
Trapp
8%
Perth
10%
Oil
91%
Gorham
55%
Koelsch
11%
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
Note: includes Kansas and Wyoming Reserves only. Wyoming represents 3.4% of total proved reserves. Excludes Utah resource potential.
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RESERVES SUMMARY (CONTINUED)
Reserve
Class
Drilling
Locations
Net
PV-10 ($MM)
Oil (MBbl)
PD
32
$15.6
546
118
566
96.5%
PUD
43
18.3
1,022
409
1,090
93.7%
75
$33.9
1,568
527
1,656
94.7%
5
$124.4
3,407
2,304
3,791
89.9%
80
$158.3
4,975
2,831
5,447
91.3%
Total Proved
PROB1
Total 2P
Net Reserves Data
Gas (MMcf)
MBoe
% Oil
Significant Performance-Based Upside
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
Note: Excludes Utah resource potential.
1. Represents 5 horizontal Mississippian well locations; additional reserves and present value represent increase well performance from the PD and PUD drilling locations.
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Kansas Asset Overview
MAJOR OPERATORS
IN
KANSAS
Richfield Leaseholds and Major Kansas Operators
Richfield Properties
Legend
Nemaha
Anticline
Cambridge
Arch
Operator
Apache
Chesapeake
Encana
Salina Basin
Sandridge
Shell
Hugoton
Embayment of the
Anadarko Basin
Forecast
City Basin
Central
Kansas
Uplift
Bourbon
Arch
Sedgwick
Basin
Cherokee
Basin
Gorham Field
• 1,218 acres
• 45 locations
Trapp Field
• 160 acres
• 7 locations
Koelsch Field
• 480 acres
• 10 locations
Perth Field
• 480 acres
• 10 locations
South Haven Field
• 248 acres
• 5 locations
Richfield Leases
Bull Field (Oklahoma)
• 40 acres
• 1 location
 Richfield’s acreage is located in the heart of the Central Kansas Uplift
 2,626 gross acres
 78 total drilling and workover locations
Source: Company filings, PLS Oil & Gas Database
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CENTRAL KANSAS UPLIFT – RECENT DRILLING ACTIVITY
Sample Drilling Activity Since 2011
Richfield Leases
Fleger B #1
30‐day IP: 86 Boe/d
Completed: April 2011
Cloud
Mitchell
Graham
Rooks
Hopkins ET #1-32
60‐day IP: 208 Boe/d
Completed: Sept. 2011
Osborne
Ottawa
Lincoln
Trego
Ellis
Saline
Ellsworth
Ness
Rush
Funk, Wayne #1-32
60‐day IP: 145 Boe/d
Completed: Feb. 2011
Russell
Central
Barton
Kansas
Uplift
McPherson
Rice
Pawnee
Hodgeman
Stafford
Harvey
Wegele #1-32
60‐day IP: 133 Boe/d
Completed: April 2012
Reno
Edwards
Ford
Pratt
Clark
Barber
Comanche
Sedgwick
Kingman
Kiowa
Harper
Sumner
Ruyle 11-31
90‐day IP: 20 Boe/d
Completed: July 2011
Fleger B #1
90‐day IP: 34 Boe/d
Completed: March 2012
Leroy Farming T #1-30
30‐day IP: 145 Boe/d
Completed: Sept. 2011
Krupp #1-10
7 month Peak Rate: 100
Boe/d
Completed: April 2011
Andra 8-12
60‐day IP: 13 Boe/d
Completed: Dec. 2011
Homer 7-11
30‐day IP: 16 Boe/d
Completed: Aug. 2012
Source: HPDI DrillingInfo
Violet #1
30‐day IP: 94 Boe/d
Completed: Jan. 2012
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EXPLORE AND RESEARCH SYSTEM (“EARS”)
 Proprietary database that includes well data from several public and private sources
Production history charts
 Data on 300,000+ wells drilled in the mid-continent since the 1920s
 Invested over $3 million in unique strategic advantage which allows Richfield to:
 Allocate capital to best drilling targets
 Identify and evaluate acquisition targets
Well data
Well logs & cross-sections
Most Comprehensive Source of Kansas Production, Completion, and Geological Data
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PROVEN PRODUCTION METHOD
Braman Field – Historical Production And Development Activity
800
Peak Production:
715 Boe/d
Historical Gross Production (Boe/d)
700
Sold for $6
million
600
500
400
300
200
$2.6 million total capital
expenditures:
• 6 New Drills
• 3 Re-works
• 5 Wells high-volume
submersible pumps
Acquired for
$5,000
100
0
 Douglas Hewitt pioneered the dewatering production methods now in use throughout Oklahoma, by many operators
Source: IHS Herold
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PROLIFIC WELL ECONOMICS
Well Rework Program Assumptions
New Drill Program Assumptions
Gross Well Cost
$245,000
Gross Well Cost
$476,000
30 Day IP Rate
30 Boe/d
30 Day IP Rate
60 Boe/d
Initial Decline (% / year)
54.8%
Gross EUR (MBoe)
70
PV-10 ($ millions, $80 / Bbl)
$1.8
IRR ($80 WTI)
329%
Initial Decline (% / year)
54.8%
Gross EUR (MBoe)
57
PV-10 ($ millions, $80 / Bbl)
$1.3
IRR ($80 WTI)
IRR Sensitivity ($2.50 / Mcf Flat Pricing)
126%
IRR Sensitivity ($2.50 / Mcf Flat Pricing)
500%
200%
180%
450%
IRR
IRR
160%
400%
140%
350%
120%
300%
250%
$70.0
100%
$75.0
Source: Management Estimates
$80.0
$85.0
$90.0
Oil Price($ / Bbl)
$95.0
$100.0
80%
$70.0
$75.0
$80.0
$85.0
$90.0
Oil Price ($ / Bbl)
$95.0
$100.0
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GORHAM FIELD
Operating Region
Richfield Development Plan
 A geological report on a Gorham Field well log
indicates over 50’ of pay
 Only the top 2’ – 5’ of the Arbuckle has been
produced in the entire field
 2013 - $10.6 million capital expenditures
 19 re-work operations (including 7 PDP)
 13 new drill locations
 2014 - $7.7 million capital expenditures
 13 new drill locations
 Anticipated production growth:
 Current Net Production: 15 Boe/d
 Expected 2013 Exit Rate in excess of 700 Boe/d
Asset Overview ($ in millions)
Gross Acreage
Average WI / NRI
PDP (Re-work)
Re-work
New Drill
Total Proved
Performance-Based
Total
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
1,218
100% / 80%
Locations
7
12
26
45
PV-10
$2.0
7.9
8.3
$18.2
93.2
$111.4
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KOELSCH FIELD
Operating Region
Field Description
 Field was discovered in 1952 and abandoned in 1957,
leaving 3.9 – 6.4 MMBoe recoverable
 2013 - $6.3 million capital expenditures
 3 re-work operations (including 2 PDP)
 2 new drill locations
 2 horizontal Mississippian locations
 2014 - $1.1 million capital expenditures
 2 new drill locations
 Anticipated production growth:
 Current Net Production: 14 Boe/d
 Expected 2013 Exit Rate in excess of 250 Boe/d
Asset Overview ($ in millions)
Gross Acreage
Average WI / NRI
PDP (2 Re-work)
Re-work
New Drill
Probable (Mississippian)
Total
Performance-Based
Total
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
480
85.5% / 67.5%
Locations
3
1
4
2
10
PV-10
$0.9
0.8
0.9
2.6
$5.3
11.5
$16.8
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TRAPP FIELD
Operating Region
Field Description
 Focus area is the highest part of the structure
 Wells historically experienced the highest IPs,
highest EURs, and most recoverable reserves
 Should the pilot project prove successful, ROIL can
expand to the entire field
 2013 - $2.3 million capital expenditures
 3 re-work operations (including 1 PDP)
 4 new drill locations
 2014 - $0.5 million capital expenditures
 Anticipated production growth:
 Current Net Production: 1 Boe/d
 Expected 2013 Exit Rate in excess of 120 Boe/d
Asset Overview ($ in millions)
Gross Acreage
Average WI / NRI
PDP (Re-work)
Re-work
New Drill
Total
Performance-Based
Total
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
160
100% / 78%
Locations
1
2
4
7
PV-10
$0.0
0.5
1.3
$1.7
12.8
$14.6
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PERTH FIELD
Operating Region
Field Description
 Estimated 12.6 MMBoe of reserves in place,
representing recovery efficiency of only 15%
 ROIL estimates recovery efficiencies of up to 40%
 Acquired properties to redrill and produce the
remaining recoverable reserves of 2 to 3 MMBoe
 2013 - $0.7 million capital expenditures
 2 re-work operations (2 PDP)
 1 new drill location
 2014 - $7.4 million capital expenditures
 5 new drill locations
 2 horizontal Mississippian locations
 Anticipated production growth:
 Current Net Production: 7 Boe/d
 Expected 2014 Exit Rate in excess of 250 Boe/d
Asset Overview ($ in millions)
Gross Acreage
Average WI / NRI
Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013
PDP (Re-work)
Re-work
New Drill
Probable (Mississippian)
Total
480
85% / 66.3%
Locations
2
–
6
2
10
PV-10
$0.8
1.3
5.3
1.3
$8.7
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Utah and Wyoming Asset Overview
UTAH AND WYOMING ASSET OVERVIEW
Liberty Field
(Gas/Oil
Condensate
Discovery)
Nephi
Wolverine
Painted Rock
Freedom
Trend
Prospect
(Flowed Gas &
Condensate)
Independence
Play
(Oil Discovery)
Gross
Acreage
1,025
Existing
Wells
–
Drilling
Locations
9
Working
Interest
74.7%
160
1
–
64.3%
9,509
–
118
89.5%
20,000
1
31
5.0%
1,511
–
9
100.0%
Graham Reservoir Field (WY)
640
1
1
100.0%
Spring Valley (WY)
160
–
1
100.0%
33,005
3
169
Field
Liberty Prospect (UT)
Liberty #1 Well (UT)
Freedom Trend Prospect (UT)
Independence (UT)
Hogback Ridge (WY)
Total
 Liberty #1 Discovery Well – Drilled in 2010
Richfield
Leases
Providence
Field (oil)
Discovery
 Logs and testing demonstrated over 1,200 gross feet of
interconnected fractures in Jurassic Twin Creek Limestone
and 427 feet of oil saturated deeper Navajo Sandstone
 Freedom Trend Prospect
 Gravity maps show prominent structural anomalies
Covenant Field
(oil)
Industry
Targets
Industry Well
Permit
 2D seismic shows three, overlapping structural closures in
the Twin Creek-Navajo
 Independence Project – Drilling operations are anticipated to
begin Q3 2013, in the organically rich, Tununk member of the
Lower Mancos Shale
 Hogback Ridge (UT- WY Overthrust) – New acreage has been
acquired, offsetting a past producing well. Geological research
and lease acquisition is ongoing
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INDEPENDENCE PROJECT COMPARISONS
Independence Project
Mancos Shale (Tununk) Utah
Bakken Shale
North Dakota, Montana,
Canada
600-3,000’ feet thick
11,550 Feet Deep
7% Total Organic Carbon
.660 Pressure Gradient
180 feet of interbedded
siltstone and sandstone
Extensive Natural Fractures
Oil & Gas Prone
150 feet thick
10,500 feet deep
11% Total Organic Carbon
.500 Pressure Gradient
85 feet of interbedded siltstone
and sandstone
Requires Hydraulic Fracturing
Oil Prone
Eagle Ford Shale
Texas
Utica Shale
Ohio, Pennsylvania, West
Virginia
200 feet Thick
11,500 feet deep
4.5% Total Organic Carbon
.650 Pressure Gradient
Requires Hydraulic
Fracturing
Oil & Gas Prone
140 feet thick
7,500 – 9,500 feet deep
7% Total Organic Carbon
.46 Pressure Gradient
Tuscaloosa Marine Shale
Louisiana, Mississippi
A good shale play is defined by having total organic carbon (“TOC’s)
greater than 2%, high thermal maturity and a brittle nature that can
be fractured. Natural Fractures eliminate the need for Hydraulic
Fracturing, saving money reducing possible environmental/political
issues.
Tununk Core Fragment
from Irons #1, Sanpete
Co. UT, Showing Sand
stringers interbedded
within the shale
200 feet thick
10,000 – 15,000 feet deep
1% - 4% Total Organic Carbon
.7 Pressure Gradient
The Tununk member of the Mancos shale is thick, has high TOC’s,
interbedded sandstones, natural fractures, and a high pressure
gradient, which should yield a higher than average recovery factor.
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DISCLAIMER
FORWARD LOOKING STATEMENTS AND
OTHER MATTERS
THE FINANCIAL AND OPERATING PROJECTIONS CONTAINED HEREIN REPRESENT CERTAIN ESTIMATES OF RICHFIELD OIL
AND GAS COMPANY (“RICHFIELD” OR THE “COMPANY”) AS OF THE DATE HEREOF. RICHFIELD’S INDEPENDENT PUBLIC
ACCOUNTANTS HAVE NOT EXAMINED, REVIEWED OR COMPILED THE PROJECTIONS AND, ACCORDINGLY, DO NOT
EXPRESS AN OPINION OR OTHER FORM OF ASSURANCE WITH RESPECT THERETO. FURTHERMORE, NEITHER RICHFIELD
NOR ITS MANAGEMENT CAN GIVE ANY ASSURANCE THAT THE PROJECTIONS CONTAINED HEREIN ACCURATELY
REPRESENT RICHFIELD’S RESULTS OF OPERATIONS OR FINANCIAL CONDITION. SOME OF THESE ASSUMPTIONS
INEVITABLY WILL NOT MATERIALIZE AND UNANTICIPATED EVENTS MAY OCCUR THAT COULD AFFECT RICHFIELD’S
RESULTS. THEREFORE, RICHFIELD’S ACTUAL RESULTS ACHIEVED DURING THE PERIODS COVERED BY THE PROJECTIONS
WILL VARY AND MAY VARY MATERIALLY FROM THE PROJECTED RESULTS. THESE VARIATIONS COULD MATERIALLY
AFFECT RICHFIELD’S ABILITY TO MAKE PAYMENTS WITH RESPECT TO ANY OF ITS OUTSTANDING AND/OR FUTURE
DEBT SERVICE OBLIGATIONS.
UNLESS OTHERWISE NOTED, THE FORECASTED INDUSTRY AND MARKET DATA CONTAINED IN THE ASSUMPTIONS FOR
THE PROJECTIONS ARE BASED UPON MANAGEMENT ESTIMATES AND INDUSTRY AND MARKET PUBLICATIONS AND
SURVEYS. THE INFORMATION FROM INDUSTRY AND MARKET PUBLICATIONS HAS BEEN OBTAINED FROM SOURCES
BELIEVED TO BE RELIABLE, BUT THERE CAN BE NO ASSURANCE AS TO THE ACCURACY OR COMPLETENESS OF THE
INCLUDED INFORMATION. RICHFIELD HAS NOT INDEPENDENTLY VERIFIED ANY OF THE DATA FROM THIRD-PARTY
SOURCES, NOR HAS RICHFIELD ASCERTAINED THE UNDERLYING ECONOMIC ASSUMPTIONS RELIED UPON THEREIN.
THESE MATERIALS ARE BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND FOR USE AT THE
PRESENTATION. THIS PRESENTATION AND THESE MATERIALS MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED
ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, BY ANY MEDIUM OR
FOR ANY PURPOSE.
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