PDC Energy to sell off Colorado assets for $200M

 – News Director-Denver Business Journal – Feb 5, 2013

Denver’s PDC Energy Corp. said Tuesday it has an agrepdc-energy-inc-logoement to sell “non core” Colorado natural gas assets for $200 million, saying it will use the proceeds to develop other assets.

The buyer is Caerus Oil and Gas LLC, also of Denver.

The holdings being sold include assets in northwest Colorado’s Piceance Basin as well as northeast Colorado.

“The transaction includes the buyer’s assumption of all PDC’s firm transportation obligations related to the sale assets as well as certain natural gas hedging positions for the years 2013

through 2015,” PDC (Nasdaq: PDCE) — formerly known as Petroleum Development Corp. — said in Tuesday’s announcement.

The deal is expected to close in the second quarter but would be retroactive to Jan. 1, PDC said.

Last July, PDC said it had acquired Niobrara oil and gas assets in the Wattenberg Field in Adams and Weld counties for $327 million

Continue reading article at The Denver Business Journal

Share Button
Print Friendly, PDF & Email
This entry was posted in Production and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *