Farm-in agreement on significant US oil and gas project

Farm-in agreement on significant US oil and gas project

Rose Petroleum (AIM: ROSE) is pleased to announce that it has signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC (“Rose Utah”), can acquire 75% of certain oil, gas and hydrocarbon leases covering approximately 195,000 net acres in Grand and Emery Counties, Utah (the “Leases” or the “Project”).
Highlights:
Located in the Uinta and Paradox Basins of eastern Utah
Rose Utah to acquire a 75% working interest, including one shut-in well
Both the Uinta and Paradox Basins are significant oil and gas producing basins with extensive infrastructure
The agreement makes Rose Utah a major stakeholder in two established U.S. unconventional shale resource plays
Rose Utah is the designated operator and its 75% working interest in the Leases equates to approximately 146,250 acres net to Rose Utah, together with a 75% interest in one shut-in well. The Project targets two prolific unconventional shale resource plays, being the Mancos and Cane Creek Shales. Rose Utah’s 75% working interest is being acquired from Rockies Standard Oil Company, LLC (the “Seller”), which retains the remaining 25% working interest. More

#FOLLOW US ON INSTAGRAM