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Austin independent eyes Paradox, Hingeline work
10/22/2007
Royalite Petroleum Co. Inc., an Austin independent that owns 100% working interest in more than 67,000 acres in Central Utah’s Hingeline trend, also hopes to explore near recent gas-condensate discoveries in the northwestern Paradox basin.Royalite signed a letter of intent with Twilight Resources LLC and affiliates to acquire a 50% interest in 6,216 acres east of Delta Petroleum Corp.’s Greentown State 36-11 discovery well in Grand County. Consideration is $6.22 million.Royalite, which becomes operator if it completes the purchase by Dec. 1, 2007, said as many as 77 wells could be drilled on the 6,216 acres. Royalite would carry Twilight through the completion or plugging of t...
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