PDC Energy, Noble Energy To Consolidate Strategic Acreage Trade - Quick Facts

(RTTNews) - PDC Energy, Inc. (PDCE) announced Thursday that it has entered into definitive agreements with Noble Energy, Inc. (NBL) and certain affiliates to consolidate certain acreage positions in the Core Wattenberg field located in Weld County, Colorado. The Company anticipates closing this transaction early in the fourth quarter of 2016.

Pursuant to the deal terms, the strategic trade includes leasehold acreage only, and does not include production or wellbores.

PDC expects to receive approximately 13,500 net acres from Noble in exchange for approximately 11,700 net acres, subject, in each case, to title examination and other customary adjustments. The difference in net acres is primarily due to variances in net revenue interests.

Bart Brookman, PDC's President and CEO, said, "The anticipated acreage trade creates significant operational efficiencies and incremental value for both PDC and Noble by consolidating our operated acreage positions in this premier field. This will enable us to design more comprehensive, long-term development plans, capture operational synergies, and streamline marketing and midstream."

The company is reviewing the potential effects of the trade on its 2016 development plans.