Rose Petroleum says that its wholly owned U.S. subsidiary, Rose Petroleum (Utah) LLC (Rose Utah) has acquired 100% of the assets of a privately owned oil and gas operating company, SEP -¬‐ Cisco Dome, LLC and various other associated entities (SEP) (the “Acquisition”). The assets are located within the Uinta Basin adjoining Rose Utah’s Mancos project where Rose Utah already owns rights to approximately 118,000 gross acres.
Rose’s CEO, Matthew Idiens, commented: “We are extremely pleased to be able to update shareholders on this important acquisition which we view as a significant step in the process of establishing Rose as one of the leading operators in the area. This acquisition gives Rose Utah significant leverage within this area of operations as it now owns the only midstream gas gathering system and gas processing plant in that portion of the area. It also now owns the rights to a tap into the main gas transportation line.