Richards Oil & Gas Limited Provides Thorsby Area Operational Update



    CALGARY, Feb. 13 /CNW/ - Richards Oil & Gas Limited (the "Company") (TSX
Venture: RIX) is providing today an update on its production levels and
activities at the Company's Thorsby property.
    As previously reported, production at Thorsby from the wellbores
completed in the Edmonton Sands began on December 15, 2008. After being on
production for several days, two of the wells (2.0 net) experienced production
declines as a result of formation water entering the wellbores and inhibiting
gas flow. The Company is currently evaluating production alternatives to
remove the water from the wellbores and configuring the gathering system to
allow for the production of water in association with the natural gas. As a
result, the Company's production from the Thorsby area was approximately 400
mcf per day for the month of December and approximately 100 mcf per day in
January.
    The Company is awaiting regulatory approval of a co-mingling application
regarding production from wells completed in the Horseshoe Canyon coals plus
Edmonton and Horseshoe Canyon sands. This approval, once received, will allow
the Company to produce from multiple zones in the nine wells (6.9 net) that
are currently tied in at Thorsby.

    About Richards Oil & Gas Limited
    Richards Oil & Gas Limited is a Calgary-based company, involved in the
development of crude oil and natural gas, with an emphasis on the exploitation
of shallow natural gas resources including coal bed methane (CBM). With a
significant land base and experience in the development of CBM and
conventional natural gas projects, the Company is able to capitalize on
opportunities that create both short-term cash flow and long-term value for
its shareholders.

    Statements in this news release contain forward-looking information
including expectations of future production, estimates of proven and probable
reserves, procurement of drilling permits, plans for and results of
exploration and development activities and other operational developments. The
reader is cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, as a result of
numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. These risks include, but are not
limited to; the risks associated with the oil and gas industry, commodity
prices, and exchange rate changes. Industry related risks include, but are not
limited to; operational risks in exploration, development and production,
availability of skilled personnel and services, failure to obtain industry
partner, regulatory and other third party consents and approvals, delays or
changes in plans, risks associated with the uncertainty of reserve estimates,
health and safety risks and the uncertainty of estimates and projections of
reserves, production, costs and expenses. The reader is cautioned not to place
undue reliance on this forward-looking information. The forward-looking
statements contained herein are subject to change. Except as required by
applicable securities laws, the Company assumes no obligation to update or
revise any forward-looking statements should circumstances or management's
opinions or estimates change.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.
    

    %SEDAR: 00021365E




For further information:

For further information: go to our website at www.richardsoilandgas.com
or please contact: Brad Turner, President & CEO, Richards Oil & Gas Limited,
Tel: (403) 265-8444, E-Mail: bturner@richardsoilandgas.com; Lonn Bate, CFO,
Richards Oil & Gas Limited, Tel: (403) 265-8444, E-Mail:
lbate@richardsoilandgas.com

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Richards Oil & Gas Limited

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