PDC Energy makes $1.5B Texas asset purchase
Denver-based PDC Energy Inc., a major producer of oil and natural gas in Northern Colorado, has made a $1.5 billion play in Texas.
The Denver Business Journal reports that the company has struck a deal to pay that amount in cash and stock to acquire two small companies in a transaction that will land PDC 57,000 acres in the Delaware Basin. PDC has about 96,000 acres in the Denver-Julesburg Basin, which lies mostly in northeastern Colorado, and about 65,000 acres in the Utica Basin in Ohio.
Denver-based PDC Energy Inc., a major producer of oil and natural gas in Northern Colorado, has made a $1.5 billion play in Texas.
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The Denver Business Journal reports that the company has struck a deal to pay that amount in cash and stock to acquire two small companies in a transaction that will land PDC 57,000 acres in the Delaware Basin. PDC has about 96,000 acres in the Denver-Julesburg Basin, which lies mostly in northeastern Colorado, and about 65,000 acres in the Utica Basin in Ohio.
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