Southwestern Energy buying Shell, Quicksilver assets in NW Colorado for $180M

Southwestern_Energy_LogoCathy Proctor – Reporter-Denver Business JournalMarch 6, 2014


Southwestern Energy Co.
 is buying big into northwest Colorado’s Niobrara play.

It’s looking to pump crude oil, natural gas liquids and natural gas from assets jointly owned by Texas company Quicksilver Resources Inc. and SWEPI LP, a subsidiary of global energy company Royal Dutch Shell plc.

Southwestern (NYSE: SWN), based in Houston, announced it will pay $180 million for about 312,000 net acres of mineral leases in northwest Colorado. The acreage was jointly owned by Quicksilver and SWEPI.

The deal is expected to close in the second quarter.

Shell, SWEPI’s parent company, announced last year that it would sell its Colorado assets, and shut down its oil shale research and development project.

The moves came after the company wrote down $2 billion worth of its North American shale assets due to lackluster results.

Continue reading story at The Denver Business Journal

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