Deals - Acquisition, Mergers, Divestitures
Pacific Energy Closes Acquisition of Niobrara Assets
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Pacific Energy Development announced the acquisition of additional oil and gas leases by its affiliate which increases the acreage position held in the Niobrara play by approximately 50%.
Frank C. Ingriselli, the Company's President and CEO commented, "We are pleased to be able to scale up our ownership interest in the Niobrara formation and we look forward to expanding our development program in the Niobrara to include development of this new acreage."
The additional acreage (with a 100% working interest and 80% net revenue interest), was acquired in Morgan and Weld Counties, Colorado, and was made by the Company's affiliate, Condor Energy Technology LLC (which is 20% owned by the Company).
These Morgan and Weld County properties have the potential for production from multiple pay zones…
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