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January 22, 2014
09:10 EDTPEDPacific Energy Development agrees to acquire 28,727 net acres in Nibrara Shale
Pacific Energy Development announced its entry into a definitive agreement to purchase an interest in 40 wells and approximately 28,727 net acres in the DJ Basin, Colorado from an independent U.S. oil and gas company, including approximately 2,200 net acres in the prolific Wattenberg Area. The acreage, in the Niobrara Shale Formation, includes approximately 28,241 net acres located in Weld County, Colorado and approximately 486 net acres located in Morgan County, Colorado. Of these 40 wells, 11 are operated, 14 are non-operated, and the Company will have an after-payout interest in 15. Estimated average production of the 11 operated and 14 non-operated wells was approximately 400 net barrels of oil equivalent per day as of September 2013. The purchase will have an effective date of December 1, 2013, with closing anticipated to occur in mid-February, subject to the satisfaction of certain customary closing conditions. The company will pay approximately $30M in cash, subject to customary adjustments.
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