Pure Cycle Corporation Announces Oil & Gas Production at Sky Ranch
(firmenpresse) - DENVER, CO -- (Marketwired) -- 02/18/15 -- Pure Cycle Corporation (NASDAQ: PCYO) announces today that production of oil & gas has commenced at its Sky Ranch property.
Pursuant to its oil & gas Lease, Pure Cycle announces that production has begun on one of its two oil & gas sites at Sky Ranch. "We are pleased to announce that production has begun at the first oil and gas well on our Sky Ranch property", stated Mark Harding, Pure Cycle''s President and CEO. "In addition to the land and water ownership, the acquisition of the 930 acre Sky Ranch property also included approximately 640 acres of mineral interests. The Company will receive 20% gross (net of taxes) royalty revenue based on 3/8ths of the total production of this 1,280 acre pooled, 10,000 foot horizontal well. The second 1,280 acre pooled, 10,000 foot horizontal well, which the Company will receive 20% gross (net of taxes) royalty revenue based on 1/8th of the total production is in the final stages of completion and should begin producing shortly", continued Mr. Harding.
The Company''s plan for the Sky Ranch property includes plans to provide wholesale water and wastewater service to the nearly 5,000 single family equivalent unit water and wastewater connections in a fully zoned Master Planned Community. "The Denver housing market continues to be among the best performing housing markets in the country and we look forward to working with area Developers/Homebuilders with expertise in developing projects of this size to bring this project to market", continued Mr. Harding.
Pure Cycle owns water assets in several river basins in the State of Colorado as well as certain aquifers in the Denver, Colorado metropolitan area. Pure Cycle provides water and wastewater services to customers located in the Denver metropolitan area including the design, construction, operation and maintenance of water and wastewater systems. Pure Cycle also owns approximately 14,600 acres in Southeastern Colorado that are leased to area farmers.
Additional information including our recent press releases and Annual Reports are available at , or you may contact our President, Mark W. Harding, at 303-292-3456 or at .
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Mark W. Harding
President
303-292-3456
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Datum: 18.02.2015 - 09:18 Uhr
Sprache: Deutsch
News-ID 1338159
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