This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pure Cycle Enters Into Oil And Gas Lease With Anadarko At Sky Ranch

DENVER, March 14, 2011 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (the "Company") (Nasdaq:PCYO) announced it has entered into an oil and gas lease with Anadarko E&P Company, a wholly owned subsidiary of Anadarko Petroleum Company, on the mineral estate owned by the Company at its Sky Ranch property. Pure Cycle will receive a bonus payment of approximately $1,268,000 and will receive a royalty of 20% on the gross sales proceeds (less certain taxes) from oil and gas developed from the property. 

"With this lease we are tapping into the rapidly evolving development of the Niobrara oil and gas formation in Colorado. Obtaining a lease for the mineral rights at the Sky Ranch property was highly competitive among a number of national and international oil and gas operators," stated Mark Harding, President and CEO of Pure Cycle. "Our selection of Anadarko was based on their familiarity with the site, their extensive lease holdings in the vicinity of Sky Ranch, and their willingness to enter into a surface use agreement that provides for the colocation of Anadarko's oil & gas wells with our water wells. It is our intent to have Anadarko develop its oil and gas sites ahead of full development at Sky Ranch. This allows us to monetize our mineral interests in a manner that will not adversely impact future urban development of Sky Ranch," continued Mr. Harding.

Anadarko is currently conducting a seismic survey of approximately 150 square miles surrounding and including the Sky Ranch property to further evaluate the production potential of the Niobrara oil and gas formation, a formation which experts believe could hold as much as 2 billion barrels of oil. "We are diligently working to position the Sky Ranch property to be among the first sites that Anadarko develops after completion of the seismic evaluation. Our acquisition of the Sky Ranch property continues to exceed our expectations and we are optimistic about the opportunities the Sky Ranch property provides the Company and its shareholders," concluded Mr. Harding.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs