Denver’s PDC Energy Inc. said Monday it’s reached a $210 million cash deal to buy about 8,300 net acres of mineral leases and active wells in Colorado’s Denver-Julesburg Basin and also swapped assets with another operator, creating two new focus areas of operation for the company in the basin.
The result of the deals, expected to close by the end of 2017, is two new consolidated acreage positions the company (Nasdaq: PDCE) dubbed the “Prairie Area,” north of Greeley in Weld County, and the “Plains Area,” south of Greeley.
PDC already had a focus area called the Kersey area, east of Greeley near the town of Kersey.
Several energy companies working in Colorado's DJ Basin, which stretches north and east of Denver to the state lines, have swapped, bought and sold mineral rights leases in the last few years with the goal of consolidating assets into a smaller geographic area. That allows the company to focus investment and operations instead of servicing a more sprawled out area.
Read more at the Denver Business Journal: http://bit.ly/2yqPXtl