Rose announces its increased land position within both the Paradox and Uinta Basins
Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that it has increased its land position within both the Paradox and Uinta Basins.
The Company has acquired a 75% working interest in an additional 1,597.8 gross acres (1,198.35 net acres) in the Uinta Basin and an additional 3,344.62 gross acres (2,508.47 net acres) in the Paradox Basin (the “Additional Acreage”). This acquisition, which was achieved at a very competitive cost, brings Rose’s overall gross acreage to 251,841.17 acres (188,880.88 net acres) thereby consolidating and strengthening Rose’s position in its primary operational region.
Rose has acquired the Additional Acreage by exercising its right to participate in acquisitions within the ‘Area of Interest’ under its agreement with Rockies Standard Oil Company (“RSOC”) and the acquisition cost contributes to the earn-in terms in each basin. RSOC acquired the Additional Acreage through both the School and Institutional Trust Lands Administration’s (“SITLA”) January 2015 auctions in the Uinta Basin and a purchase of lease lands in the Paradox Basin. The Uinta leases have a five year term and the Paradox Leases have a term of over three years remaining.
Matthew Idiens, Group CEO, commented:
“We are pleased to have increased our overall acreage to over 250,000 gross acres covering both the Uinta and Paradox basins and consider it to be a prudent move given our forthcoming completion programme. In this regard, we anticipate moving the rig on site to commence the completion of the State 1-34 conventional target in the coming weeks and look forward to updating the market once the side wall core results become available.”
Source: Rose Petroleum plc