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”).
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