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Emerald Oil in $10m Sand Wash sale

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Denver’s Emerald Oil has said it has agreed to sell its stakes in 30,902 net mineral acres in the Sand Wash basin to an undisclosed private explorer for $10m.

The acreage is located in Carbon County, Wyoming, and Moffatt County and Routt County, Colorado, in an area known as the Fly Creek prospect.

In a related transaction, the unnamed explorer has agreed to assign Emerald Oil’s interests in the Fly Creek coal-bed methane operation and three Niobrara oil wells drilled in 2011 back to the remaining working interest holder and pay $500,000 for Emerald’s share of abandonment costs, according to upstreamonline.com.

Emerald currently holds leases in around 45,100 net mineral acres in the Sand Wash basin of the Greater Green River Basin, which is prospective for the Niobrara shale oil and other secondary targets for oil and natural gas.

The sale is expected to close in the current quarter.

The explorer is holding on to around 14,000 net mineral acres in and immediately surrounding the Focus Ranch Unit in Routt County, Colorado and a stake in a gas gathering pipeline.

Its portfolio also includes acreage in the Williston Basin in North Dakota and Montana and the Heath formation in central Montana.


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