DENVER, Sept. 18, 2012 (GLOBE NEWSWIRE) — Pure Cycle Corporation (PCYO) announces date for sale of HP Collateral Interests and Revenues from Farm Operations and Frack Water Sales.
Pure Cycle, a vertically integrated wholesale water and wastewater service provider, entered into an agreement to sell water for fracking new oil and gas wells in the Niobrara formation in Arapahoe County. Colorado’s Niobrara oil and gas boom has been made possible through the use of horizontal well drilling and hydrologic fracturing which consume significant amounts of water. The Company has been using its extensive water holdings in Arapahoe County to deliver water to frack these new wells. In addition, the Company owns oil and gas rights to approximately 640 acres at its Sky Ranch property which it leased to Anadarko in March of 2011. “In recent weeks the Company has been working with representatives from Anadarko to identify drilling sites and access to such sites,” commented Mr. Harding.