All CATEGORIES
☰ Menu
Ohio Utica Shale

PDC Energy to pursue Utica, Wattenberg shales with sale assets

By Bob Downing Published: June 20, 2013

From Colorado-based PDC Energy on Wednesday:

June 19, 2013

PDC Energy Announces Closing of Non-Core Colorado Natural Gas Asset Sale; Proceeds to Accelerate Development of Its Liquid-Rich Horizontal Programs in Core Wattenberg and Utica Shale

 

DENVER, June 19, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today announced that it closed yesterday, June 18, 2013, on the previously disclosed sale of its non-core Colorado natural gas assets.

The Company's non-core Colorado assets were sold to Caerus Oil and Gas LLC for approximately $185 million in net proceeds, subject to customary post-closing adjustments. Under the purchase and sale agreement, the transaction was given economic effect as of January 1, 2013. The assets sold are approximately 99% natural gas in terms of reserves and include an estimated 85 billion cubic feet equivalent (Bcfe) of net proved developed producing reserves as of December 31, 2012. The assets produced approximately 40 million net cubic feet of natural gas equivalent per day in the first quarter of 2013.

James Trimble, President and Chief Executive Officer, stated, "We are very pleased to close this transaction and plan to redeploy the capital to develop our high-return, liquid-rich Wattenberg and Utica Shale horizontal drilling inventory. With the closing, we have completed another major milestone in our transition toward a more liquid-rich asset base. We expect our 2013 production mix to be approximately 54% liquids which is a significant change from 35% liquids in 2012. We expect to largely fund our 2013 capital program with the proceeds from the sale and internally generated cash flow."

About PDC Energy, Inc.

PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquid-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

Print
Add This

SUBSCRIBE VIA RSS

OHIO.COM VIDEOS

See the most recent drilling report and an injection wells map From NewsOutlet.org
Prev Next

Utica and Marcellus shale web sites

Ohio Department of Natural Resources' Division of Oil and Gas Resources Management State agency Web site.

ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

Ohio Oil and Gas Association, a Granville-based group that represents 1,500 Ohio energy-related companies.

Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

Shale Sheet Fracking, a Youngstown Vindicator blog.

National Geographic's The Great Shale Rush.

The Ohio Environmental Council, a statewide eco-group based in Columbus.

Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

No Frack Ohio, a Columbus-based grass-roots group.

Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.