PDC Energy (PETD) Closes $327M Acquisition of Core Wattenberg Assets; Increases Revolver

PDC Energy (Nasdaq: PETD) announced that it has closed the previously announced acquisition of core Wattenberg assets from a private party for a purchase price of approximately $327 million subject to certain post-closing adjustments. The acquisition was funded with cash and borrowings under its revolving credit facility. The Company raised approximately $164 million in net proceeds through an equity offering which closed on May 21, 2012 to partially fund the acquisition cost. The effective date of the transaction is April 1, 2012.

The Company also announced its borrowing base under its revolving credit facility has been increased by $100 million to $525 million, effective June 29, 2012. The Company expects to have approximately $250 million drawn on its facility upon closing of the acquisition.

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