2010-12-15-2010-12-10-2010-12-10

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$36.5MM
Description

Bought 4 limited partnerships with assets primarily in core Wattenberg Field and Piceance Basin areas.

PDC Energy, Denver, (Nasdaq: PETD) has purchased four limited partnerships formed in 2004 for an aggregate price of $36.5 million. The 2004 partnerships consist of PDC 2004-A LP, PDC 2004-B LP, PDC 2004-C LP and PDC 2004-D LP and include assets primarily in core Wattenberg Field and Piceance Basin areas.

PDC Energy is managing general partner for the limited partnerships, which will be merged with and into a subsidiary of PDC.

PDC also plans to acquire three additional limited partnerships formed in 2005, comprising PDC 2005-A LP, PDC 2005-B LP and 2005 Rockies Region Private LP, for $36.4 million. Production associated with the three Rockies-focused LPs is 4 million cubic feet of gas equivalent per day. Proved reserves are 27 billion cubic feet equivalent (67% gas). The deal is expected to close in early 2011.

In early 2007, PDC Energy repurchased a total of 44 limited partnerships, after which it ceased offering partnership units to raise drilling capital.