– UK, Newbury – Rose Petroleum Plc (LON: ROSE), the natural resources business, today announced the appointment of Rick Grant as a Non-Executive Director of the Company, effective immediately.
Rick has a 40-year track record of success in the oil and gas industry. Rick is co-founder and Chairman of Origin Creek Energy LLC. OCE makes $2-$20 million foundational investments in the domestic US energy sector. The firm’s capital is provided by its partners and two affiliated family offices.
Colin Harrington, Executive Chairman of Rose Petroleum plc, said “From the moment Matthew Idiens and I began discussing the next stage of growth for Rose, we both agreed that the Board should only be augmented with individuals who have blue-chip professional histories, strong industry networks and proven management skills. Rick brings all the above, with deep sector knowledge, decades of organisational expertise and an enviable track record. We are thrilled to have him join Rose as we position the company for further growth in the domestic U.S.”
The Board continues to evaluate roles and needs at the executive and Board levels. Related to this process, Matthew Idiens has informed the Company of his intention to step down as a Board member and CEO after assisting through a transition period to an updated management team. The Company expects to make additional announcements about changes to the executive team during the next quarter.
About Rick Grant
Prior to OCE, Rick was CEO of Suez North America LNG and then served as CEO of Suez Global LNG. During his tenure, Suez LNG grew from an initial US$680 million acquisition of Cabot LNG, into the world’s third largest liquefied natural gas business, one active across the entire global natural gas chain from upstream production through to distribution to end-users. Before his time at Cabot, Rick was President of Mountaineer Gas, the largest natural gas distribution company in West Virginia. During his career, Rick has had significant success managing multi-billion dollar organisations and developments and has been involved in a number of profitable corporate exits.
Rick Grant, Non-executive Director-designate of Rose Petroleum plc, said “I believe Rose has excellent prospects for growth, from both the existing portfolio and from attractive acquisition and development opportunities that arise in the highly-fragmented small-cap sector of the onshore US E&P market. I look forward to helping transform the Company for the benefit of all shareholders.”
About Rose Petroleum plc
Rose Petroleum plc is a North America-focused oil and gas company whose primary asset is approximately 80,000 net acres in the prolific oil and gas producing Paradox Basin in Utah, U.S.A., where it is earning into a 75% working interest. Using high-quality data gathered in a 3D seismic survey completed in October 2017, the Company has identified drilling locations in naturally fractured areas of the Paradox Formation and has chosen the first well location and it is now permitted to drill and plans to commence the drilling programme and the first well as soon as possible, subject to rig availability, stipulations of the leases, BLM Unit obligations and financing.
On 22 June 2018, Rose announced a Competent Person’s Report and Maiden Contingent Resource by Gaffney Cline & Associates on the Rose acreage covered by the 3D seismic, approximately 17,250 acres of the 80,000 acres held. The CPR estimated a 2C Contingent Resource, net to Rose, of 9.25 MMBbl of oil and 18.50 Bscf of gas, and an unrisked pre-tax Net Present Value on the 2C Resources, net to Rose, of US$122 million. The CPR focused solely on one single reservoir – the Cane Creek reservoir – of the multiple prospective reservoirs within the Paradox Formation.
The Company’s established management is supported by an expert technical team with extensive experience of the basin, where current operations nearby have proven successful, with significant initial production rates and low decline rates, offering strong economics even in the present oil price environment.
The Company’s strategy is to grow both organically and through acquisition, identifying additional hydrocarbon assets, conventional or unconventional, that would benefit from the Company’s fast-acting, entrepreneurial approach.
Rose Petroleum has been quoted on AIM since June 2004.
For more information: https://rosepetroleum.com
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