PDC Energy has acquired Great Western Petroleum, a privately held company based in Denver, for a consideration of $543 million and 4 million shares of PDC common stock.
In addition, the company paid off the Great Western secured credit facility, totaling $235 million, and $312 million in principal amount of Great Western’s 12 percent senior secured notes due 2025.
“We are excited to close the Great Western acquisition, which is accretive to our operating, ESG and financial metrics,” said Bart Brookman, president and CEO of PDC. “We look forward to providing the market with updated guidance by early next month as we work to integrate Great Western’s operations.”
PDC Energy is a domestic independent exploration and production company that acquires, produces, develops and explores for crude oil, natural gas and NGLs. With operations in the Wattenberg Field in Colorado and in the Delaware Basin in West Texas, the company’s operations are focused on the