Utah Team Update

RNS Number : 5634Q

Rose Petroleum PLC

02 September 2014

 



Rose Petroleum plc (AIM: ROSE)

("Rose" or the "Company")

U.S. Technical Team Appointments

Rose Petroleum (AIM: Rose), the AIM-listed natural resources company, is pleased to announce that it has made two key appointments to its U.S. technical team: Wade Pollard joins as Vice President of Land and Ty Watson joins as Vice President of Operations. Both have served out their notice period with their previous employers and have commenced employment in Rose's new Denver office, which will serve as the centre of its U.S. Oil & Gas operations.

Ty Watson is an Operations manager with 28 years of experience. He joins from Great Western Oil & Gas where he built and directed the technical and operational field teams for DJ Basin operations. Watson's extensive experience includes similar roles at Enerplus Resources Corp., Shell Canada and Schlumberger.

Wade has 15 years of industry experience as a Landman. He also joins from Great Western Oil & Gas Company where he managed the day-to-day operations of the land department. Previous companies where Wade has held positions include Noble Energy, Hilcorp Energy, Southwestern Energy and El Paso Production Company.

Significantly, both Ty's and Wade's experience span several basins, including the Niobrara, Marcellus, Bakken and Arkansas-Fayetteville Shale.

Group CEO Matthew Idiens commented: "The extensive U.S. shale experience of the team taking shape greatly enhances the operations ability on our Utah projects. We are very happy with the quality of the in-house operations team developing in Denver. Further appointments are expected to be announced shortly."

For further information, please contact:

Rose Petroleum Plc                                                                                                                     [phone]

Matthew Idiens                                                                                                                             

Group CEO

Allenby Capital (Nominated Adviser & Broker)                                                              [phone]        Jeremy Porter / Alex Price

Lionsgate Communications (Public Relations)                                                                [phone]      Jonathan Charles / Lynn Carratt

About Rose Petroleum

Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its oil & gas portfolio, while seeking to create value from its existing mining portfolio.

In March 2014, Rose signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC, can earn 75% of certain oil, gas and hydrocarbon leases covering approximately 230,000 net acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins.

In May 2014, Rose published the results of its reserve report prepared by Ryder Scott Company on the Mancos and Paradox Oil & Gas Projects. Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the collective total Mancos Shale and Paradox Formation combined was 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet of gas).

The company also has three licences in Germany, two licences in Baden-Württemberg covering approximately 635,000 acres (2,560 square kilometres) with each licence area represented to have at least four target pay zones, and the third licence covering 657,000 acres (2,640 square kilometres) located in the Weiden Basin (northeast Bavaria).  

In June 2014, the Company successfully raised £6.5m by way of an oversubscribed conditional placing and subscription to develop the Mancos and Paradox assets in Eastern Utah.

Management intends to build on these projects to establish a balanced international asset portfolio. For further information please consult the Company's website: www.rosepetroleum.com

 

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