Rose Petroleum is pleased to provide a positive update on the core analysis results from the State 1-34 well taken within the Mancos Shale interval in the Uinta Basin acreage in Utah.
•Mancos core analysis results correlate strongly or exceed parameters used by Ryder Scott to calculate the Prospective Recoverable Resources of 709MMbbls oil and 4.26 TCF gas
•Results provide increased confidence in horizontal well locations following extensive analysis
•Permitting process for six new Mancos wells on-going
•First horizontal well to target the Mancos Emery formation, the reservoir or 'carrier' bed - anticipate spudding of first well before YE2015
◦Locating in the Cisco Dome field will offer cost reductions due to existing infrastructure and gathering system for gas sales
◦Mancos benefits from a low breakeven price