Pioneer Closes on First Phase of Central Utah Play
Pioneer Oil and Gas has closed on the first phase of its central Utah project selling approximately 21,232 gross acres (7,962 net acres) in the Central Utah Overthrust for $2,189,550. Pioneer will retain a 1.75 percent overriding royalty interest in the 21,232 gross acres.
Pioneer also announced that it had closed on the remaining portion of its
Uinta Basin Overpressured Gas Prospect comprising 13,189 net acres. Pioneer
received $454,709 and will retain a 3.25 percent overriding royalty interest
in this project as well as a 10 percent carried working interest (eight
percent net revenue interest) on the first two wells drilled on the property.
After the first two wells Pioneer can participate or farmout for its
10 percent working interest.
- Pioneer Off to a Strong Start for 1Q 2010 (Mar 04)
- Pioneer Oil and Gas Posts Third Quarter Financial Results (Aug 12)
- Pioneer to Perform Geophysical Survey in Utah (Mar 06)