Red Leaf Resources and Ute Energy will jointly develop assets in the Uinta Basin in Utah. (Source: Shutterstock)
Red Leaf Resources Inc. and Ute Energy Exploration and Marketing LLC have agreed to jointly develop assets in the Uinta Basin in Utah, a project Red Leaf has already had a hand in developing with E&P Uintah Partners LLC.
Ute Energy, a wholly-owned subsidiary of the Native American Ute Tribe, will help develop a state permitted 40,000 bbl/d refinery and a federally approved Uinta Basin railway, as well as a transloading facility for access to markets on the Gulf Coast.
The agreement includes the supply of utilities to the project, crude oil feedstock to the refinery and finished product offtake agreements.
The refinery will be using black and yellow wax crude sourced locally in the Uinta Basin as a feedstock for high-value lubricants and for motor fuel, according to the November financing memorandum on the project between Red Leaf and Uintah Partners.
In November, Red Leaf had announced it was looking for prospective investors to partner in the development of infrastructure for the expansion of Uinta Basin.
Stakeholders in the project include the Ute Indian Tribe, the Seven County Coalition in Utah and local operators and counties, according to the November financing memorandum.
“We are honored to partner with the Ute tribe,” said Michael Binnion, chairman of Red Leaf. “As one of the largest stakeholders in the region, they are committed to the development of the oil producing Uinta Basin and ensuring local communities share in the economic and social benefits. We are looking forward to cooperating with the Ute tribe on this important infrastructure development for the region.”
Red Leaf is a shale tech company based in Utah.
Recommended Reading
S&P Lowers Currency Ratings on Argentine Producers
2023-03-31 - S&P Global Ratings lowered the local and foreign currency ratings to ‘CCC-’ from ‘CCC+’ on Pampa Energia S.A., YPF S.A. and nine other entities, which all now have a negative outlook.
Energy Transition in Motion (Week of March 31, 2023): Advancing Projects, Investment
2023-03-31 - Here’s a look at some of this week’s renewable energy news, including plans to add offshore wind capacity globally.
Norway’s PGS Places $450 Million Bond
2023-03-31 - Norwegian marine geophysical company PGS ASA placed a new $450 million senior secured bond, which together with cash on hand will be used to repay the company’s B term loan.
Brad Gray on Diversified’s Strategy Past Appalachia [WATCH]
2023-03-30 - Diversified Energy’s Brad Gray sat down with Pietro Pitts at Hart Energy’s DUG Haynesville Conference in Shreveport to talk about what Diversified is doing to set itself apart from other E&Ps and future plans as the company expands outside of the Appalachian Basin.
SM Energy Announces $0.15/Share Quarterly Cash Dividend
2023-03-30 - SM Energy's board of directors announced the quarterly cash dividend of $0.15/share of common stock outstanding will be paid out to stockholders on May 5.