Pacific Energy Development, an energy company engaged in the acquisition and development of strategic high-value energy projects in the U.S. and Asia, entres into a definitive agreement to purchase an interest in 40 wells and approximately 28,727 net acres in the DJ Basin, Colorado from an independent U.S. oil and gas company, including approximately 2,200 net acres in the prolific Wattenberg Area. The acreage, in the Niobrara Shale Formation, includes approximately 28,241 net acres located in Weld County, Colorado and approximately 486 net acres located in Morgan County, Colorado. Of these 40 wells, 11 are operated, 14 are non-operated, and the Company will have an after-payout interest in 15. Estimated average production of the 11 operated and 14 non-operated wells was approximately 400 net barrels of oil equivalent per day as of September 2013. The purchase will have an effective date of December 1, 2013, with closing anticipated to occur in mid-February 2014, subject to the satisfaction of certain customary closing conditions. The Company will pay approximately $30 million in cash, subject to customary adjustments.
Frank C. Ingriselli, President and CEO of the Company, stated, "This acquisition will transform our Company into one of the major players in the prolific Niobrara play. It offers us a unique opportunity to significantly increase our daily production in the DJ Basin and increase our acreage by over tenfold and also provides us entry into the exciting Wattenberg Area. Through the experience and operational efficiencies we have gained through our operations in the Niobrara play over recent years, we are confident that we can successfully develop these assets, thereby maximizing shareholder value."
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