Williams Sells E&P Assets to PDC for $28 Million

Williams has executed agreements to sell natural gas exploration and production properties in the Denver-Julesberg basin in northeastern Colorado for $28 million to Petroleum Development Corporation of Bridgeport, West Virginia.

The transaction is expected to close in June, subject to typical closing conditions. The properties represent approximately 6 million cubic feet per day of net production and less than 1 percent of Williams' proved reserves of 2.8 trillion cubic feet at year-end 2002.

The Denver-Julesberg properties were among those announced for sale earlier this year as part of Williams' financial-strengthening plan.

Including this transaction, this year Williams has agreed to sell certain natural gas exploration and production properties for $477 million. The company continues to market other exploration and production properties in the Green River basin and the Gulf Coast.

Williams' exploration and production business focuses on producing natural gas from tight-sands formations and coal-bed methane reserves in the Piceance, San Juan, Powder River, Arkoma and Green River basins.