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SALT LAKE CITY (AP) -- The Northern Ute Indian Tribe has formed an integrated energy company to develop resources on its Uintah-Ouray Indian Reservation in eastern Utah.
Ute Energy was formed in May and is a privately owned corporation of the tribe.
"This basin has notoriously held a great deal of oil reserves," said John Jurrius, interim chief executive officer of Ute Energy. "I would say within the matrix of basins within the Rocky Mountains that the Uinta Basin is certainly one of the most active basins."
Jurrius said partnerships are in place with Salt Lake-based Questar Corp., Boston-based Fidelity Investors Management, Denver-based Bill Barrett Corp. and Berry Petroleum Co. of Bakersfield, Calif.
The tribe has the right, but not the obligation, to participate in the wells with up to a 50 percent working interest.
The land already has 30 producing oil and natural gas wells. Jurrius said he anticipates about 60 producing wells by the end of this year, a $60 million investment.
Currently, the wells are producing 500 barrels of oil and 7.5 million cubic feet of natural gas per day.
(Copyright 2005 by The Associated Press. All Rights Reserved.)
