Stephens Upgrades PDC Energy (PDCE) to Overweight
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PDC Energy Announces Entry into the Core Delaware Basin through Transformative Acquisition of Approximately 57,000 Net Acres
August 23, 2016 4:06 PM EDTDENVER, Aug. 23, 2016 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (PDC or the Company) (Nasdaq: PDCE) today announced that it has entered into definitive agreements to acquire two privately held companies managed by Kimmeridge Energy Management Company for approximately $1.5 billion, subject to due diligence and certain customary closing conditions. The privately negotiated transaction includes approximately 57,000 net acres in Reeves and Culberson Counties, Texas with an average working interest of approximately 93 percent. Current net production is approximately 7,000 barrels of oil equivalent per day (Boe/d) from 21 horizontal wells, with two additional wells in the completion and flowback... More
