2nd May 2014 08:21
LONDON (Alliance News) - Rose Petroleum PLC Friday drew attention to the first-quarter earnings of MDU Resources Group, in which the company said the Paradox Basin in Utah is MDU's "fastest growing" oil producing area.
Rose Petroleum recently acquired three-quarters of the working interest in 195,000 acres of the basin and an equal interest in one shut-in well.
According to MDU Resources' first-quarter earnings statement, the Paradox Basin's status as its fastest growing producing area is backed up by first-quarter production more than doubling.
According to MDU, with longer lateral lengths, estimated ultimate recoveries are expected to increase with the upper range now at 1.5 million barrels of oil per well.
MDU also said the Cane Creek Unit 12-1 well continues to exceed expectations with the well still flowing over 1,000 barrels of oil per day gross.
MDU said it owns about 130,000 net acres of leaseholds in the Paradox Basin.
Rose Petroleum Chief Executive Mattew Idiens said, "MDU's update reaffirms what we firmly consider to be one of the most exciting oil exploration plays onshore USA."
Idiens said consultants Ryder Scott Co are preparing a competent person's report for Rose, which will be announced "in due course".
Rose Petroleum shares were Friday quoted at 0.795 pence, up 9.7%.
By Samuel Agini; [email protected]; @samuelagini
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