PDC Energy sells Colorado gas assets for $200m

Denver deal: Colorado explorers agree $200m asset sale

Bill Lehane

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Bill Lehane

 05 February 2013 15:12 GMT

Explorer PDC Energy has agreed to sell a set of natural gas assets in the Piceance Basin and northeast Colorado to another Denver outfit, private Caerus Oil & Gas, for around $200 million.

Nasdaq-listed PDC Energy said that the assets were 99% gas and held an estimated 85 billion cubic feet equivalent of net proved developed producing reserves.

The assets currently produce around 42 million cubic feet equivalent per day net, the explorer added.

Chief executive James Trimble said PDC Energy planned to sink the sale proceeds into developing the explorer’s “high-return, liquid-rich Wattenberg and Utica Shale horizontal drilling inventory”.

Trimble said the sale was part of an overall drive to focus on oil and liquids over gas, pointing out that its year-end reserves for 2012 would have been 52% oil and liquids…

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