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.
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