LONDON (Alliance News) - Rose Petroleum PLC Monday said it has bought another 4,004.83 gross acres from the State of Utah and private owners within its Mancos development area and 657.83 gross acres in its Gunnison Valley Unit in the Paradox development area, Eastern Utah.
In a statement, the company said it is paying USD188,024.09 in total for the leases, an average cost per acre of USD40.33.
Rose's independent consultant, Ryder Scott Company, 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, it said.
"We are pleased to be able to consolidate our land position further in the Unita basin ahead of spudding our first Mancos well, which I am happy to report remains on track for ahead of year end. The initial well location has been selected and permitting is well underway," Rose Chief Executive Matthew Idiens said in a statement.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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