Cerium Natural Resources has acquired substantially all of the oil and gas exploration and production assets of Terebras Resources. The assets are primarily working interests in producing properties in the Rocky Mountains.
Crude oil assets include production from thirteen wells in the Uinta basin of Utah and five wells in the Powder River basin of Wyoming. Natural gas assets include production from nine wells in the Green River basin of Wyoming and two wells in the Paradox basin of southwestern Colorado. Terms of the transaction were not disclosed.
“These strategic acquisitions will add scale to our upstream assets in the Rocky Mountains”, stated Cerium CEO Eldon Klaassen. “They will increase our revenue stream and improve our ability to manage market price risk. We will continue to expand our portfolio of high quality properties in the region.”
About Cerium Natural Resources
Cerium Natural Resources is an independent exploration and production company. Cerium’s primary assets are interests in acquisition, development and exploration of crude oil and natural gas properties in partnership with highly efficient operators. Geographic focus is properties in Texas, Colorado, Wyoming and Utah. Cerium utilizes advanced data analytics to evaluate and acquire interests in oil and gas properties, including prospects with proven and unproven reserves. www.cerium-nat-resource.com
About Terebras Resources
Terebras Resources is an independent exploration and production company focused on the acquisition and development of unconventional crude oil and natural gas resources.Primary targets are emerging oil and gas shale plays in the Powder River Basin and Green River Basin of Wyoming, the Uinta Basin of Utah, and Paradox Basin of Colorado
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