PDC Energy strengthens position in DJ Basin’s best field

By Luke Geiver | September 26, 2017

For PDC Energy, its opportunity in the Wattenberg field of the DJ Basin has just gotten bigger. For $210 million, the Denver-based exploration and production company that already has a large stake in the field has acquired assets and swapped acreage in Weld County, Colorado.

Included in the acquisition was 8,300 net acres that produce 2,200 barrels of oil equivalent per day. The additional acreage will give PDC an extra 240 gross drilling locations and 30 drilled but uncompleted wells. After the acquisition, the company is now calling its 30,000 acres located in the middle and outer core areas of the Wattenberg its Prairie Area.

Through an acreage trade, the company will gain more core acreage areas in the Wattenberg field. The area of 17,500 net acres will be called the Plains Area.

Bart Brookman, president and CEO, said the moves by PDC give the company an opportunity to drill longer laterals in the core of the Wattenberg. Brookman also said that other areas that the company was able to perform on consolidated acreage positions have benefited and the same could happen with the new acreage blocks formed through acquisition and acreage swaps.

PDC is currently focused on increasing production in the Wattenberg and developing its leasehold acres in the Delaware Basin through drilling activities.

Bayswater Exploration and Production LLC and other parties were involved in the acquisition and acreage swap.