Fortem Resources Inc. of Las Vegas has indirectly acquired through Rolling Rock Resources LLC, its wholly owned subsidiary, an undivided 75 percent interest in oil and gas leases in the Mancos formation in Emery County covering a total of 2,313 acres. The leases were acquired at a recent Utah School and Institutional Trust Lands Administration (SITLA) auction.
Fortem has entered into a joint operating agreement with Rockies Standard Oil Co. LLC, which holds the remaining 25 percent interest.
In a separate transaction, Rolling Rock and Rockies Standard have acquired an additional 5,174 acres in the Mancos formation with each owning half of the property.
Meanwhile, Black Dragon Energy LLC, another Fortem subsidiary, has acquired a 75 percent interest in additional oil and gas leases in the nearby Moenkopi formation covering a total of 3,852 acres. The leases were also acquired at the SITLA auction and will be operated in a joint venture with WEM Dragon LLC of Orem.
Fortem Resources is a publicly traded oil and gas production, development and exploration company, which holds properties in western Canada as well as Utah and is seeking North American and international expansion through an acquisition strategy.