Helium and hydrogen exploration, development, and production company Moman Oil and Gas has signed a deal to acquire an 82.5% working interest in the Sagebrush project in Colorado.
Based on studies, Mosman hopes that helium and additional hydrocarbons will be present on the lease. The lease is located adjacent to the company’s Coyote Wash project.
Both leases are on tribal land administered by the Ute Mountain Ute Tribe.
Read more: Mosman secures Ute Mountain Ute approval for Colorado helium lease
Four Corners Helium has been working with the Ute Mountain Ute Tribe in Southwest Colorado for the past four years. The company was given access to all tribal seismic data, plus a right of first refusal on helium leases within the Tribal boundary.
Andy Carroll, CEO of Mosman, said the news aligns with the company’s strategic shift toward helium exploration, development, and commercialisation.
“Acquisitions were a key rationale in the September 2024 capital raise and these two projects deliver on this objective and the acquisition costs can now be funded from cash reserves.”
News of the deal follows Mosman receiving approval from the Ute Mountain Ute Tribe to lease 4,320 acres of land to explore for helium in Colorado back in December.
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