Petroleum Development Corp. Acquires Colorado Acreage
Petroleum Development Corporation has acquired 28 producing wells and associated undeveloped acreage for a purchase price of $11,845,000. The acquisition encompasses current daily production of approximately 668 Mcfe per day (520 Mcf of gas and 25 barrels of oil per day) net to the interests acquired, 100 or more undeveloped drilling locations, 19.1 Bcfe of proved reserves and an additional 7.5 Bcfe of probable reserves.
Thomas E. Riley, President, commented, "This acquisition enhances and compliments our position in the Wattenberg Field. The current production added, and growth through the drilling of the undeveloped leasehold, will further support our continuing successful effort to build shareholder value."
Petroleum Development Corporation is an independent energy company engaged in the development, production and marketing of natural gas and oil. The company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan.
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