By OGJ editors
HOUSTON, Aug. 7 -- Brownstone Ventures Inc., Toronto, said its US unit completed the purchase of interests in 267 oil and natural gas leases in the Piceance basin of Colorado and Utah and the Overthrust Belt of Utah for $6.77 million cash plus 2.6 million common shares issued to private Retamco Operating Inc., Billings, Mont.
The acquisition includes 188,422 net acres in a low-risk gas resource play plus the chance for deeper Jurassic reserves and 65,646 net acres in a large, deep Overthrust project analogous to and adjacent to giant Rangely oil and gas field.
Brownstone holds 10% net working interest in each project. Other working interests are: gas resource project, Retamco 65% and Dejour Energy USA Inc., Vancouver, BC, 25%; Overthrust project, Retamco 77.5% and Dejour 12.5%.
Agreements are being finalized to include another partner with key Piceance basin operating capability, Brownstone said.
The three participants plan to start drilling in the fourth quarter.
