Feb 1, 2011 7:52 AM by Bea Karnes
Riverton, Wyo. (AP)-U.S. Energy Corp. has entered an agreement with an undisclosed private party to explore and develop an oil and gas prospect in southeast Colorado.
The Riverton, Wyo.-based company said Monday it wouldn't divulge its partner, financial terms of the deal, or the exact location for competitive reasons, but it did say the land is near the Brandon Field in Kiowa County. Brandon Field has produced more than 11 million barrels of oil from the Mississippian formation.
CEO Keith Larsen says there's no guarantee his company will have the same results, but if it does, it could mean a few more jobs in Colorado and Wyoming.
Under the agreement, U.S. Energy acquired an 80 percent working interest in about 3,000 acres. It will be the operator on the project.