PDC Energy completes $327M Niobrara buy

Oil Drilling Rig

Oil Drilling Rig

Denver Business Journal – Monday, July 2, 2012

PDC Energy Inc. said Monday it has closed on its previously announced acquisition of Niobrara oil and gas assets in the Wattenberg Field in Adams and Weld counties for $327 million.

PDC — which recently officially changed its name from Petroleum Development Corp.    — didn’t disclose the seller. The deal was announced in May.

PDC said the company’s net production from Wattenberg is expected to increase to about 15,600 barles of oil equivalent per day. It said the current net production is about 2,800 barrels of oil equivalent per day from approximately 700 wells.

Continue reading story at the Denver Business Journal

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