ROSE PETROLEUM IDENTIFIES MULTI TATGETS IN THE PARADOX BASIN, UTAH
Rose Petroleum has now completed the initial structural interpretation of the 3D seismic data it acquired over its Gunnison Valley Unit (GVU) which is part of its larger lease holding in the Paradox Basin, Utah, U.S.A. The company confirms that key geological structures targeted by 3D seismic have been found to be present across the acquisition area, and following the analysis of the data, multiple drilling targets have been identified.
The structural interpretation, which is an ongoing process, has to date identified 53 well locations in the Cane Creek reservoir zone alone, within the 20 square miles of the GVU lease holding covered by the 3D seismic data. The initial internal resource estimates are consistent with the report prepared by the independent resource analysts, Ryder Scott. This report suggests that for the 20 square mile area covered by the 3D, the gross resource potential is as follows:
. Mean unrisked undiscovered Original Hydrocarbon in Place of 450 million barrels of oil equivalent (mmboe)
. A mean unrisked Prospective Recoverable Resource of 32.5mmboe
The Chance of Success (“COS”) for the Cane Creek reservoir zone was estimated by Ryder Scott at 56%, in their April 2014 report, representing a relatively low risk prospect.
Rose Petroleum is now progressing the Application for Permit to Drill process for the highest priority drill target locations, with a view to drilling the first well on the Paradox acreage in the second half of 2018.
Located mostly in Southeastern Utah and Southwestern Colorado, the Paradox Basin traditionally has been known for its conventional oil and gas production. The Aneth Field, discovered in 1956 and operated today by Resolute Energy, has produced more than 450 million barrels of oil over its lifetime, and was a top 40 field in terms of proved U.S. oil reserves as recently as 2009.
Rose Petroleum, based in UK, operates in three divisions: uranium and copper, gold and silver, and O&G. The Company owns an interest in approximately 263,000 gross acres in Utah. The area of focus of the acreage is on approximately two unconventional oil and gas basins: the Uinta Basin and the Paradox Basin. (Source: Rose Petroleum)
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