Tuesday, May 25, 2010

PDC Announces Wolfberry Acquisition

Petroleum Development Corporation (PDC) announced it has signed an agreement to purchase assets in the Wolfberry Oil Play. Details of the acquisition include a purchase price valued at $75 million for 8,300 net acres in Midland, Ector, Martin and Andrews counties ($9,036/acre). PDC plans on drilling the Wolfberry oil wells on 40-acre spacing.