Extraction Oil & Gas leases property in Greeley

GREELEY – Extraction Oil & Gas LLC, an oil and natural-gas exploration and production company, has begun leasing a facility at 2234 117th Ave., Unit 106-107, in Greeley.

The Denver-based company explores for oil and gas in the Greater Wattenberg Field, which spans nearly 3,000 square miles north of Denver and throughout a substantial portion of Weld County.

Extraction Oil & Gas started a five-year lease on an 18,000-square-foot industrial property in the Highpointe Business Park near the intersection of Colorado Highway 257 and U.S. Highway 34 earlier this month. The building, a mix of office and warehouse space, was built in 2008.

Extraction Oil & Gas president Matt Owens said the company leased the space to accommodate growth. Employing nine full-time employees, Extraction Oil & Gas plans to expand to between 20 and 25 employees within the next year.

Extraction Oil & Gas has an interest in three drilling rigs and plans to drill at least 75 wells this year, he added.

Dan Leuschen and Steve Kawulok of Sperry Van Ness closed the deal.

Oil and gas firms continue to show a strong interest in Northern Colorado commercial real estate, said Leuschen, a senior adviser for Sperry Van Ness.

“They’re just inundating us,” he said. “The demand is outpacing the supply.”

Colorado had record oil production of 64.1 million barrels last year. Weld County accounted for 80 percent of the state’s oil production.