Great Western Oil & Gas Co.'s subsidiary said June 8 it purchased about 6,000 acres and eight producing wells in the Wattenberg Field in Colorado. The price and seller were not disclosed.
The new asset will allow the Denver company's subsidiary, Great Western Petroleum, to drill up to 100 new horizontal wells in the Niobrara and Codell formations in the Denver-Julesburg (D-J) Basin.
The deal is the second acquisition Great Western Oil & Gas, an affiliate of The Broe Group, has made during this period of uncertainty for the industry. In January, the company announced it purchased 14 producing wells and 816 net leasehold acres in the Wattenberg Field.
“We continue to see great value in the D-J Basin and remain committed to northern Colorado and increasing our holdings there,” said Rich Frommer, president and CEO of Great Western Oil & Gas, in a release. “We expect additional acquisition activity in the near-term future.”
The purchase closed June 1, but the production is effective back to Jan. 1.
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