Rose Petroleum has noted that MDU Resources Group Inc. reported its first quarter earnings. It is of particular interest to note the activities of its oil & gas subsidiary Fidelity Exploration and Production Company (Fidelity) which operates in the Paradox Basin, Utah, directly south of Rose’s acreage within the basin.
Rose’s wholly owned subsidiary, Rose Petroleum Utah LLC, has recently acquired a 75% working interest in 195,000 acres, together with a 75% interest in one shut-in well in the Paradox Basin.
Highlights from MDU’s results:
MDU stated that the Paradox Basin is its fastest growing oil producing area with a production increase of 121% compared to the first three months of last year
Ultimate recoveries (depending on lateral lengths) are estimated at 1.5MMBO per well
The Cane Creek Unit 12-1 well continues to exceed expectations with the well still flowing over 1,000 BOPD gross
Anticipated that this field will play a key role in the company's oil growth strategy