Published: May 31, 2022 |

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PDC Energy, Inc. has completed its acquisition of Great Western Petroleum, a privately held company based in Denver. The consideration paid was $543 million (less $50 million previously placed into escrow) and approximately 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. We look forward to providing the market with updated guidance by early next month as we work to integrate Great Western’s operations,” said Bart Brookman, president and chief executive officer of PDC.

“I want to thank the Great Western team for their strong focus and commitment to responsible Colorado development. PDC shares this commitment, and we will continue to lead the way in community-focused, environmentally-sound, and efficient operations as we move forward,” added Brookman.

About PDC Energy
PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Its operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and our Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.

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