17th Mar 2014 09:06
LONDON (Alliance News) - Rose Petroleum PLC Monday said it has signed a farm-in agreement to acquire a 75% stake in oil, gas and hydrocarbon leases covering 195,000 acres in Utah.
The AIM-listed natural resources company said the leases would be given to its newly formed subsidiary Rose Petroleum Utah LLC and are for sites in the significant Uinta and Paradox Basins in the east of the US state.
The company said both sites, which were acquired from Rockies Standard Oil Company LLC, have extensive infrastructure and target unconventional shale resource plays as part of the US shale gas boom.
The news comes as Rose Petroleum announced earlier in March that it had partnered with Lowell Copper Ltd for operations at the TC porphyry copper project in New Mexico, and it had completed the acquisition of a new conventional and unconventional hydrocarbon exploration concession in Bavaria, Germany.
Rose Petroleum shares were up 14% to 0.655 pence, putting it in the top-five AIM risers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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