PDC Energy plans to acquire gas Colo. fields
DENVER — PDC Energy said today it plans to acquire three limited partnerships that include natural gas fields in Colorado for $36.4 million.
The partnerships were formed in 2005. PDC already serves as the managing general partner for the partnerships. The acquisition would bring the company an additional 27 billion cubic feet of proven gas reserves and the capability to pump another 4 million cubic feet per day.
The acquisition still must be approved by unit holders not affiliated with PDC. The company said it expects the acquisition to be completed in the first quarter of 2011.
In a separate announcement, PDC said it has made room in its 2011 capital budget for the acquisition. PDC’s budget should range between $260 million and $300 million. Most of that money will be used for development drilling projects.