Brownstone Ventures Inc. and its joint venture partner, Dejour Enterprises Ltd. have signed a joint operating agreement with Fidelity Exploration & Production Company covering 14,000 acres of long term, highly prospective oil and gas leases in the Northern Paradox Basin located in South-eastern Utah. Fidelity, a subsidiary of MDU Resources Group Inc., operates over 3,400 wells in North America. Its parent company reported annual revenues of over USD $4 billion in 2007 according to its latest annual report.
Industry awareness of the Paradox Basin has been developing since Delta Petroleum announced in December 2007 its Greentown project discovery, resulting in the development of a new pipeline and other infrastructure in this area.
"This is an exciting development that fits the Brownstone and Dejour joint venture model of bringing in qualified and experienced operators to assist in the development of these valuable Rocky Mountain assets. We look forward to working with this reputable team," said Brownstone CEO Sheldon Inwentash.
Brownstone holds a 10% working interest in the prospect.
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