- Rose Petroleum said it had negotiated a new agreement with Rockies Standard Oil, its joint venture partner at a project in Utah's Paradox Basin.

The agreement enabled Rose to focus on a potentially highly economic core acreage position of around 12,920 acres, which contained 21 high-priority drilling targets.

The targets contained estimated 2C contingent recoverable resources, net to Rose, of 8.3m barrels.

The agreement allowed Rose to reduce the overall cost of maintaining the project.

It also gave the company immediate ownership of the highest potential 12,920 lease acres, with a remaining nine-year lease term on 5,240 of these acres, and a two-year lease extension on the balance.

Story provided by