Acquisition of further acreage in the Paradox Basin
Zephyr Energy PLC (AIM: ZPHR) (OTCQB: ZPHRF) said it has further expanded its operated land position in the Paradox Basin in Utah through the acquisition of an additional 2,294 acres of Utah Trust Lands Administration leases.
The AIM-listed oil and gas company said the new acreage lies immediately to the north of its White Sands Unit.
Zephyr nominated the acreage for auction and acquired it through a sealed-bid process conducted by the Utah Trust Lands Administration. The leases have a five-year primary term and carry a 16.67% lease royalty.
The company said the acquisition cost was funded from existing cash resources.
The latest acquisition follows Zephyr’s recent purchase of around 27,000 acres, announced on June 26, 2026.
Including the newly acquired leases, Zephyr now operates more than 72,000 gross acres in the Paradox Basin, the majority of which is held at a 100% working interest.
Chief executive Colin Harrington said the successful auction outcome further enhances the scale of the company’s Paradox project.
He said each regional acreage acquisition helps consolidate Zephyr’s position and increase the attractiveness of its holdings.
Harrington added that Zephyr will continue to be opportunistic in building a larger Paradox Basin land position as it seeks to advance the underlying value of its northern Paradox Basin assets.
