Colorado Utah Natural Gas Inc. announced Monday that it has filed its registration statement with the U.S. Securities and Exchange Commission to raise $30 million through an initial public offering.
The funds raised will be used for the development of Colorado Utah Natural Gas oil and gas reserves.
The company reported that it has finished its fourth well in Grand County and will be completing the well to initiate sales within 30 days. To date, Colorado Utah Natural Gas has drilled four wells on its Grand County properties and will continue drilling until its reserves are completely developed.
Colorado Utah Natural Gas owns leases in Grand and Uintah counties. The company said leases contain an estimated 17.7 billion cubic feet of natural gas equivalent reserves.
Pacific Energy and Mining Co., based in Reno, Nev., has an equity position in Colorado Utah Natural Gas.