Noble Energy Inc., Houston, and PDC Energy Inc., Denver, have entered definitive agreements to swap acreage and consolidate their respective land positions in Wattenberg natural gas and condensate field in Weld County, Colo.
The swap involves 13,500 net acres from Noble and 11,700 net acres from PDC, leasehold only. Existing production on the acreage remains with the original party. The companies said the difference in net acreage reflects variances in net revenue interests.
Noble said the exchange will expand its position in a development area called Wells Ranch by about 20%. The acreage due PDC mainly will come out of Noble’s Bronco area.
Both companies said the transaction will improve operating efficiencies and expand long-lateral drilling opportunities.
In a separate transaction, Noble said it received $486 million in an initial closing of the sale of 33,100 net acres in the Greeley Crescent area of Weld County to Synergy Resources Corp., Denver (OGJ Online, May 5, 2016). Noble is to receive a further $19 million in a final closing expected in the fourth quarter.