In August 2013, Rose Petroleum raised additional capital in order to allow it to pursue significant new oil & gas assets. In less than six months, Rose assembled a highly experienced oil and gas technical and management team and acquired 230,000 acres in two established U.S. shale resource plays. As previously stated, Rose relinquished the Mancos and Cisco Dome acreage back to its partner in April of 2016.
In Utah, Rose, through its wholly owned subsidiary Rose Petroleum (Utah) LLC holds a 75% working interest (59.25% net revenue interest) in certain oil & gas leases in Grand and Emery Counties, Utah covering 90,000 acres. In May 2014, Rose published the results of its recent reserve report prepared by Ryder Scott Company on Rose’s Paradox Oil & Gas Projects, Utah, USA.
Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis. Collective total Mancos Shale and Paradox Formation combined:
- 1,115 MMBO (million barrels of oil)
- 2,187 BCFG (billion cubic feet gas)
In addition, Rose announced the results of an Economic Analysis on Rose’s Mancos and Paradox Oil & Gas Projects prepared by Christie Ward Schultz, an Independent Consultant Petroleum Engineer.
- Life of Field (30 years) Net Present Value (NPV) (10%): Cane Creek - Paradox Basin (gross) US $765,000,000 (US$765 million) and a 52% ROR at $55/bbl oil and $3/Mcf gas.
- Cane Creek is just one of numerous clastic sands in the Paradox basin
These leases are located in the Paradox Basins of eastern Utah and include one shut-in well. Both the Uinta and Paradox Basins are significant oil & gas producing basins with extensive infrastructure.
The focus of the Company going forward is its U.S.-based oil & gas team and recently acquired assets in eastern Utah. In addition to its recent acquisition, Rose has also identified a number of additional U.S. shale play opportunities of similar reserve potential as its current holdings which Rose will pursue in due course.