The contract provides Resolute with its principal source of CO2, a crucial component for development of its properties in Aneth Field in Utah, where Resolute is undertaking CO2 flooding, workovers and infrastructure upgrades.

The company extends the term of the contract by four years, from 31 December 2016 to 31 December 2020.

It also increases overall volumes of CO2 available for purchase by Resolute and increases its commitment to purchase CO2 to an aggregate of approximately 176.5bcf over the term of the contract.

Resolute expects that the revised contract provides it with the ability to more effectively meet its CO2 needs over the next 10 years as it continues to develop its CO2 flood project across the Aneth, McElmo Creek and Ratherford Units in Aneth Field.