Rose Petroleum’s Rose Petroleum (Utah) LLC. has acquired an additional 4,004.83 gross acres from the State of Utah and private owners within its Mancos development area as well as 657.83 gross acres in its Gunnison Valley Unit in the Paradox development area, Eastern Utah. Total cost paid for the leases was $188,024.09 representing an average cost per acre of $40.33.
Rose’s independent consultant, Ryder Scott Company (RSC), is currently in the process of updating the resource estimates for the Mancos following Rose’s recent Cisco acquisition and this additional acreage will now be included as part of that. Rose will announce the details of this update once it has been completed.