US-based Richfield Oil & Gas Company has purchased the oil producing property from Frontier Energy in Uinta County of Wyoming state.

As per the deal, the company has acquired Wasatch National Forest Well #16-15 including a 640 acre mineral lease in Uinta County for $610,000.

Richfield Oil & Gas chairman and CEO Douglas Hewitt said the firm is building its reserve and production base via such valued acquisitions.

"We believe this purchase represents excellent reserve values in both known and potential off-set and infield drilling locations," Hewitt added.

As per the agreement, the company has acquired 100% working interest in a mineral lease in Graham Reservoir oil field about 193km northeast of Salt Lake City in Utah, and is situated on the southern extension of Moxa Arch near four other oil fields.

The fields produced oil in both Dakota Formation and Frontier Formation.

The oil producing Wasatch National Forest Well #16-15 located in the Dakota Formation at 15,560ft is expected to have untested oil and gas reserves in the gas reserves in the Frontier Formation at 15,160ft.

Richfield Oil & Gas is expected to flow test and execute production operations for the Wasatch National Forest Well #16-15 in the first quarter 2013.