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: Western Uranium & Vanadium Oil and Gas Royalties
2022-02-08 09:00 ET - News Release
Toronto, Ontario and Nucla, Colorado, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) through its wholly-owned subsidiary, Black Range Minerals, has received the first royalty payment for oil and gas production from its property located in Weld County Colorado. This first royalty payment was in the amount of $207,552, which represents payment since sales began in August 2021 through December 2021. Based on public well data, the amount of the first royalty check was inline with Western’s expectations.
Oil and Gas Royalty Payments
Ongoing royalty payments for Western’s share of oil and gas sales are now expected to be received on a monthly basis, which will contribute to Western’s operating cash. With 86% of Colorado’s oil produced in Weld County, it is the No. 1 county for oil and gas production in Colorado.
Western is one of only a very few junior uranium mining companies that generate cash flow from its assets. Additionally, these royalty revenues are without any cash expense by the Company. Although not the major asset of Western, these royalties are potentially sizable over the long-term, they contribute to shareholder value by covering a good portion of the Company’s operating costs, and funding the advancement and expansion of Western’s core uranium and vanadium resources.
We will provide further updates on Western’s mining operations and plans to use cash and working capital. Western is in the strongest financial position in the history of the Company and anticipates benefitting from strengthening uranium and vanadium markets in the next several years.