Noble Energy Inc. said Wednesday it’s signed a deal to sell Denver’s SRC Energy Inc. about 30,200 acres of mineral rights in the Denver-Julesburg Basin near Greeley.
SRC (NYSE AMEX: SRCI) said it will pay $568 million in cash for about 95 percent of the total acres by the end of the year, and settle up with Noble later on the remaining acres, which have active wells on them.
The purchase price for the acres with active wells carries a tentative price of $40 million, although that may change at the closing of that part of the deal, SRC said.
SRC said the land it’s buying from Noble is adjacent to, and a bit south, of its existing holdings south and east of Greeley, meaning the company can be more efficient in developing the area.
SRC did a similar deal with Noble in 2016, paying about $505 million for 33,000 acres in the same area.
Read more at the Denver Business Journal: http://bit.ly/2zvqnFu