By OGJ editors
HOUSTON, June 27 – Austin Exploration Ltd., Perth, said its US subsidiary will acquire 10,486 acres of mineral rights with no depth limitations in the Denver-Julesburg basin in Colorado for $2 million (Aus.).
The parcel is adjacent to Florence oil field in Fremont County. Sellers are Newmont Mining Corp., Cimarex Energy Co., and Prize Energy Corp. Niobrara shale oil production surrounds the tract. Aus-Tex will control no less than an 85% working interest and a 65% net revenue interest in the project.
Austin Exploration has commissioned an independent geologist to complete an oil and gas reserves report over the acreage.