Atlas Resource Partners LP (NYSE: ARP) said May 7 it has acquired total reserves of 47 million barrels of oil equivalent (MMboe), including proved developed producing reserves of 25 MMboe for $420 million.
Atlas acquired a position in the Rangely field in northwest Colorado, a mature tertiary CO2 flood with low-decline oil production first discovered in 1933. Chevron Corp. (NYSE: CVX) has long ties to the field and will continue to operate the asset.
The seller was not disclosed.
The acquired assets are expected to provide ARP with a stable, ...