RICHFIELD OIL & GAS 1012G Registration of securities | ROIL 30 Dec 11

Exhibit 99.1

December 15, 2011

Richfield Oil and Gas Company

15 W. South Temple, Suite 1050

Salt Lake City UT 84101

Attn: Mr. Doug Hewitt

	Re:	Reserves and Engineering Evaluation
		Richfield Oil and Gas Company
		Mid-Year 2011 – SEC Pricing

EXECUTIVE SUMMARY

An evaluation was performed on ten (10) producing (PDP) wells, thirty-three (33) Proven Undeveloped (PUD) locations, and forty-three (43) Non-Proven (Probable) locations, and thirty-six (36) Possible locations in which Richfield Oil and Gas Company (“Richfield”) owns an interest. The remaining reserves and the future and present worth values were calculated as of July 1, 2011. The attached Exhibit “A” lists the wells, interests, and miscellaneous information related to the wells evaluated.

Information used in the evaluation was provided by Richfield and was supplemented by data gathered from public sources. The analysis was prepared and reserves were categorized using SEC guidelines. Summary results of this analysis are provided below and details are presented in referenced attachments. A summary of the projected reserves and financial values using prices determined by SEC guidelines is summarized as follows:

		Est Grs Rem'g Rsvs				Est Net Rem'g Rsvs				Net Capital		Net Cashflow		NPV @ 10%
	#	Oil, MBO		Gas, MMcf		Oil, MBO		Gas, MMcf			M$		M$		M$
PDP	10		155		-		116.9		-		-		5,880		2,959
PNP	0		-		-		-		-		-		-		-
PUD	33		980		460		767.0		359.0		8,105		29,927		13,168
PROVEN TOTAL	43		1,135		460		883.9		359.0		8,105		35,807		16,127
Non-Prvn (Probable) NP	1		-		617		-		457.0		-		1,006		720
Non-Prvn (Probable)	43		3,866		5,205		3,010.0		3,851.0		20,862		166,345		78,008
Non-Prvn (Possible)	36		36,598		-		24,212.3		-		165,487		1,530,315		857,633
Non-PRVN TOTAL	80		40,464		5,822		27,222.3		4,308.0		186,349		1,697,666		936,361
GRAND TOTAL	123		41,599		6,282		28,106.2		4,667.0		194,454		1,733,473		952,488

A summary of the projected present values at varying discount factors for each reserve category is summarized as follows:

Present Value Profile	NCF - PV0%		PV 5%		PV 10%		PV 15%		PV 20%
		M$		M$		M$		M$		M$
PDP		5,880		3,960		2,959		2,365		1,974
PNP		-				-
PUD		29,927		19,306		13,168		9,326		6,770
PROVEN TOTAL		35,807		23,266		16,127		11,691		8,744
Non-Prvn (Probable) NP		1,006		843		720		626		551
Non-Prvn (Probable)		166,345		111,453		78,008		58,352		44,443
Non-Prvn (Possible)		1,530,315		1,137,020		857,633		655,027		505,547
Non-PRVN TOTAL		1,697,666		1,249,316		936,361		714,005		550,541
GRAND TOTAL		1,733,473		1,272,582		952,488		725,696		559,285

One-line economic summaries (by well) of the results from the evaluation are also included in the attachments along with by-well detail economic projections and production graphs depicting projected rates.

PRICING FORECAST

The SEC prices were determined according to the SEC pricing guidelines adjusted for an effective date of July 1, 2011. The regulations state that the prices for each product are to be calculated by using the unweighted arithmetic average of the first-day-of-the-month price for each month of the 12-month reporting period.

The natural gas price is based on the NYMEX Henry Hub postings and the oil price is based on NYMEX Cushing postings. For July 1, 2010 through June 30, 2011, the unweighted arithmetic average of the first-day-of-the-month price were $90.09 per BBl for oil and $4.209 per MMBTU for gas. Product prices for each well were adjusted from SEC prices to reflect estimated differentials, BTU content, field losses and usage, or gathering and processing costs.

For the evaluated Kansas properties, Richfield receives 3.40 $/BBl above posted Kansas Common, which has a NYMEX (Cushing) oil differential of 8.00 $/BBl; thus resulting in an oil price differential of -4.60 $/BBl to NYMEX oil postings. For natural gas, prices are projected to be 75% of the NYMEX natural gas price (-25% differential) based on prevailing area contracts. For the Utah properties, a -10.00 $/BBl differential was applied to the economics.

EXPENSES and PRODUCTION TAXES

Well operating expenses were estimated and provided by Richfield. Expenses were held constant going forward. For non-producing (including behind pipe) and undeveloped locations, capital and operating expenses were based on analogy wells and provided by Richfield, and appear to be reasonable based on producing areas, depths, formations, and projected activity.

If a property is calculated to be uneconomic based on rate, expenses, and pricing, the rate, reserves, and expenses will show zero (“0”) in the reserves and economic results. However, in reality, many or most of these wells will continue to be produced by the operator and Richfield will realize income and expenses from the properties not captured in this evaluation.

Abandonment costs were assumed to be offset by future salvageable equipment values for the mid-continent (Kansas and Oklahoma), which is a reasonable and common assumption for the activities projected and producing wells in the mid-continent region. For the Utah cases, a $50,000 per well abandonment cost was included.

Severance and ad valorem taxes were applied to all wells in the economic evaluation. Severance (production) tax rates were based on applicable current state published rates for oil and gas. Ad valorem taxes on reserves and equipment vary by county within the states and were estimated to be 6% for the Kansas properties.

PROPERTIES

Mid-Continent Region

The Kansas properties are located in six fields of Central and South-Central Kansas; each are mature fields with long production histories and significant numbers of wells and formation penetrations. An evaluation was conducted on the Company’s acreage to determine volumetric in-place volumes and examine the historical production, reservoir parameters, and drainage from the producing formations – most notably the Arbuckle and Wilcox formations – in each field.

				# PDP/PNP		# PUD		# Prob		Primary Zone	ROG % WI
Field	County, State	Township		Wells		Wells		Wells		Target	Range
Gorham	Russell, KS		13,14S-14,15W		6		19		21	Arbkl-Gorham		100
South Haven	Sumner, KS		35S-1W		0		0		3	Wilcox/Miss		100
Trapp	Russell, KS		15S-14W		1		7		7	Arbuckle		100
Perth	Sumner, KS		33S-1W		2		1		1	Wilcox/Miss		75
Koelsch	Stafford, KS		24S-14W		1		6		6	Arbuckle/Miss		100
					10		33		38

The reserves are mostly the result of Richfield undertaking reactivation and development of acreages located in older established Arbuckle and Wilcox fields in Central and Southern Kansas where bypassed pay has been documented and exists, and low hydrocarbon recoveries have been calculated due to historical production methods of topping into these reservoirs and only producing attic oil. Both volumetric and analogy methods were employed in volume estimates. Richfield will apply methods of drilling, completion, and production to the known existing producing formations that have shown to be successful in the targeted formations elsewhere, but have not been proven commercially viable in the areas owned by Richfield at this time.

On Richfield acreage in and around the identified fields, Richfield will re-enter existing wells and drill new wells in known Arbuckle or Wilcox formation fields and apply de-watering techniques – large stimulations of the producing formation, produce and dispose of thousands of barrels of water per day while reducing reservoir pressure and recovering significant volumes of bypassed and un-recovered oil. This method of production has been applied with significant success in several oil and gas reservoirs and fields in Kansas and Oklahoma – most significantly the Hunton and Mississippian formations in Central Oklahoma, Wilcox formation in Northwestern Oklahoma, and the Arbuckle in the Oklahoma City Field. Initial efforts to prove the dewatering process and potential in two Wilcox formation producing wells in the Perth Field have resulted in positive results although the operator has yet to optimize production operations and rates are expected to rise or exceed previously established production volumes.

Potential also exists in additional lower intervals (benches) within the Arbuckle in most of the Kansas fields. Only the uppermost portion of the Arbuckle formation was typically produced historically. Analysis of deeper penetrations and the evaluation of a limited number of lower Arbuckle interval completions indicate potential hydrocarbon accumulations. These intervals would also be included in de-watering methods and efforts in the Arbuckle. Potential exists in the future development and completions of secondary objective zones of interest (Kansas City-Lansing, Topeka formations) that are within the leases held by Richfield and are shallower than the targeted Arbuckle and Wilcox formations. Historical well information and reservoir analysis of these intervals indicate hydrocarbon accumulations to be tested. Five Mississippian formation horizontal wells are also projected and are modeled based on recent activity in Southern Kansas and Northern Oklahoma.

The Perth Field is located in Township 33S-1W of Sumner County, Kansas. Richfield has interests in Section 12 and as noted above, has two wells which have been completed in the Wilcox formation and have had successful applications of dewatering efforts, although the operator has yet to optimize production equipment, and rates are expected to rise or exceed previously established production volumes. Additional Wilcox wells are planned.

The Gorham Field located in Townships 13,14S - Ranges 14,15W has the largest development potential of the Kansas properties, with twenty (20) well reactivations, deepenings or new drills slated on five leases located over nine sections. Over 100 MMBBls oil has been produced from the field since 1926, primarily from the Arbuckle. All of the wells are targeting Arbuckle with the secondary targets being the Topeka, Gorham Sand, and the Lansing formations . The individual projects within the Gorham Field include the Furthmyer, Neidenthal, Gorham, and Boxberger leases.

The Trapp Field is located in Sections 26-15S-14W of Russell County, Kansas. Seven (7) undeveloped locations are planned to test and produce the Arbuckle formation – both new drill wells and reentry/deepenings.

The Koelsch Field Prospects are located in Sections 25 and 36 of T24S-14W in Stafford County, Kansas. Four (4) wells are planned for the Arbuckle. After primary development from 1952 thru 1955, a well was drilled in 1977 and demonstrated active oil recovery almost identical to the original DST’s that were performed in the field in the 1950’s.

Four wells are planned in the South Haven Field of Sumner County, KS targeting the Mississippian and Wilcox formations.

Utah

Possible reserves have been assessed to Richfield projects located in Juab and Sanpete Counties Utah. These prospects lie on the northern end of the active Central Utah Over-Thrust play that is highlighted by the significant Covenant and Providence Fields discoveries by Wolverine Gas and Oil in 2004 and 2007, respectively.

		# Poss		Primary Zone	RFO % WI
Field	County, State	Wells		Target	Range
Fountain Green	SanPete, Utah		18	Twin Creek / Navajo		74.5
Liberty	Juab, Utah		10	Twin Creek / Navajo		58.5
Independence	SanPete, Utah		8	Tununk (Mancos) Shale		20

The Company’s acreage lies on a large anticlinal structure that runs regionally north-to-south. There is evidence based on the analysis of surface and sub-surface geology, gravity data, seismic data, and geochemical analysis to support exploration for the Jurassic Twin Creek Limestone, Navajo Sandstone, and Cretacious Emery Sandstone, Tununk Shale, and Dakota Sands.

In the Fountain Green and Liberty prospects, the primary targets are the Navajo Sandstone and the overlying Twin Creek Limestone Formations, which are repeated several times due to thrusting. The Navajo Sandstone is estimated to be 1,200 ft thick, with average porosity of 12%. The Twin Creek is around 400 ft thick and has poor primary porosity, but should have excellent secondary, or fracture porosity. Additional zones within the prospect area could also be prospective for hydrocarbons, particularly the Kaibab Limestone and Mississippian age rocks below the Navajo thrust sheets. These deeper zones are currently being tested by drilling in the surrounding area.

The Independence Project is located in Sanpete Co. Utah, and contains one well, the Moroni #1AXZH, which is completed in the Tununk Shale at approximately 11,500’. There was lost circulation and shows of oil while drilling, and log analysis indicated the formation to be extremely naturally fractured and contain approximately 150 feet of net pay. The well was tested for short periods at rates as high as 30 barrels of high gravity oil per hour through perforations in drill pipe with no cement. The reservoir appears to be over-pressured future activity is expected to prove this to be an economical project.

Additional geological descriptions, area history, regional maps, and documentation provided by the Company are available for review.

FUTURE INCOME

Future net revenue in this report includes deductions for state production (severance) taxes. Future net income is after deducting these taxes, future capital costs, and operating expenses, but before consideration of any state and/or federal income taxes. The future net income has not been adjusted for any outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income. The future net income has been discounted at various annual rates, including the standard ten percent (10%), to determine its “present worth.” The present worth is shown to indicate the effect of time on the value of money.

RESERVES DISCUSSION

Remaining recoverable reserves are those quantities of petroleum that are anticipated to be commercially recovered from known accumulations from a given date forward. All reserve estimates involve some degree of uncertainty depending primarily on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty is conveyed by classifying reserves as Proved (highly certain) or Non-Proved (less certain).

The estimated reserves and revenues shown in this report were determined by SEC standards for Proved and Non-Proved (Probable and Possible) reserve categories. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing for the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within reasonable time.

Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved Developed Producing (PDP) is assigned to wells with sufficient production history to allow material balance and decline curve analysis to be the primary methods of estimation. PDP reserves are the most reliable reserves, generally with a high degree of confidence that actually recovered quantities will equal or exceed published reserve estimates.

Proved Developed Non-Producing (PNP) reserves include reserves from zones that have been penetrated by drilling but have not produced sufficient quantities to allow material balance or decline curve analysis with a high degree of confidence. This category includes Proved Developed Behind-Pipe (PNPBP) zones and tested wells awaiting production equipment (PNP).

Proved undeveloped (PUD) oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Proved reserves for other undrilled units can be claimed only where it can be demonstrated with reasonably certainty that there is continuity of production from the existing productive formation. Reserves on undrilled acreage shall be limited to those drilling units offsetting productive units that are reasonably certain of production when drilled.

The Proven Undeveloped and Non-Producing wells were forecasted based on geological data presented, volumetric calculations, and analog comparisons to existing completions. Non-Proven (Probable and Possible) Undeveloped locations have been evaluated to be likely productive but do not meet SEC criteria to be classified as Proved at this time.

GENERAL

The reserves and values included in this report are estimates only and should not be construed as being exact quantities. The reserve estimates were performed using accepted engineering practices and were primarily based on historical rate decline analysis for existing producers. As additional pressure and production performance data becomes available, reserve estimates may increase or decrease in the future. The revenue from such reserves and the actual costs related may be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the prices actually received for the reserves included in this report and the costs incurred in recovering such reserves may vary from the price and cost assumptions referenced. Therefore, in all cases, estimates of reserves may increase or decrease as a result of future operations.

In evaluating the information available for this analysis, items excluded from consideration were all matters as to which legal or accounting, rather than engineering interpretation, may be controlling. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering data and such conclusions necessarily represent only informed professional judgments. The titles to the properties have not been examined nor has the actual degree or type of interest owned been independently confirmed. A field inspection of the properties is not usually considered necessary for the purpose of this report.

Information included in this report includes projected production and cashflow economic results by entity, one-line economic results summaries for each well, and miscellaneous individual well information. Additional information reviewed will be retained and is available for review at any time. Pinnacle Energy Services, L.L.C. can take no responsibility for the accuracy of the data used in the analysis, whether gathered from public sources or otherwise.

Pinnacle Energy Services, LLC

\s\ John Paul Dick

John Paul Dick, P.E.
Petroleum Engineer

Disclaimer: Pinnacle Energy Services, L.L.C. nor any of its subsidiaries, affiliates, officers, directors, shareholders, employees, consultants, advisors, agents, or representatives make any representation or warranty, express or implied, in connection with any of the information made available herein, including, but not limited to, the past, present or future value of the anticipated reserves, cash flows, income, costs, expense, liabilities and profits, if any, to be derived from the properties described herein. All statements, estimates, projections and implications as to future operations are based upon best judgments of Pinnacle Energy Services; however, there is no assurance that such statements, estimates, projections or implications will prove to be accurate. Accordingly, any company, or other party receiving such information will rely solely upon its own independent examination and assessment of said information. Neither Pinnacle Energy Services nor any of its subsidiaries, affiliates, officers, directors, shareholders, employees, consultants, advisors, agents, or representatives shall have any liability to any party receiving the information herein, nor to any affiliate, partner, member, officer, director, shareholder, employee, consultant, advisor, agent or representative of such party from any use of such information. The property description and other information attached hereto are for the sole, confidential use of the person to whom this copy has been made available. It may not be disseminated or reproduced in any matter whatsoever, whether in full or in part, without the prior written consent of Pinnacle Energy Services, L.L.C. This evaluation and all descriptions and other information attached hereto are for information purposes only and do not constitute an evaluation of or offer to sell or a solicitation of an offer to buy any securities.

RICHFIELD OIL & GAS (ROIL) Inactive 10-12GRegistration of securities