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Rose Petroleum signs farm-in agreement on significant US oil and gas project


Published Mar 18, 2014
Rose Petroleum plc

Rose Petroleum has signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC ('Rose Utah'), can acquire 75% of certain oil, gas and hydrocarbon leases covering approximately 195,000 net acres in Grand and Emery Counties, Utah (the 'Leases' or the 'Project').

Rose Utah is the designated operator and its 75% working interest in the Leases equates to approximately 146,250 acres net to Rose Utah, together with a 75% interest in one shut-in well. The Project targets two prolific unconventional shale resource plays, being the Mancos and Cane Creek Shales. Rose Utah's 75% working interest is being acquired from Rockies Standard Oil Company, LLC (the 'Seller'), which retains the remaining 25% working interest.

Tags: Rose Petroleum plc




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