Rose Petroleum (LON:ROSE) told investors that the Mancos shale play, in Utah, remains the key focus and it is planning six new wells.
The AIM firm, which releases results for 2014 today, highlighted that it is currently working through permitting for this programme, which is expected to get underway later this year.
It is also starting the permitting process for a 3D seismic exploration programme in the Paradox basin, which is also in Utah.
During the 2014 financial year the group drilled its first well in the Mancos play; State 1-34 well, in the Uinta basin. Subsequent analysis, in the current period, exceeded the parameters of a prior independent resource estimate and the company said it has substantiated the project’s resource base.
Rose expanded its footprint in Utah during 2014 acquiring the producing Cisco Dome Field, which also came with regional infrastructure.
At the same time the company retains interests in its mining assets, notably the operations that began at a Mexico gold and silver mine during the period, and positive contributions to group revenue are expected this year as it moves to full production.
"2014, and the period since, have been a time of sustained progress and intense activity for Rose,” said chairman Richard Kilmorey.
“We have made important advances across our asset portfolio and we look forward to keeping the market updated with news on our future progress.
“I have full confidence in our highly competent operations team to deliver the utmost value from our asset portfolio throughout 2015 and beyond."
In the results for 2014 Rose reported £1.9mln of revenue primarily from the gold mining and milling operations in Mexico; this was lower than previous years due to the closure of older mines, lower grades and lower metal prices.
Rose reported a £3.6mln loss for the year, compared to a £3.3mln loss in the preceding year. The company had £5.4mln of cash and equivalents as at December 31.