Great Western purchased 6,000 acres in the Wattenberg Field
Great Western Petroleum, a subsidiary of Great Western Oil & Gas Company, an affiliate of The Broe Group, purchased approximately 6,000 acres and eight producing wells in the Wattenberg Field, according to a press release today. This purchase marks the second acquisition the company has made in the DJ Basin so far this year despite low oil prices.
The company expects the new acreage will allow them to drill up to 100 new horizontal wells in the Niobrara and Codell formations. The purchased closed June 1, but the production is effective back to January 1. The price and seller were not disclosed.
The company’s other acquisition, made in January, was for 14 producing wells and 816 net leasehold acres in the Wattenberg Field.
“The Broe Group sees the current market environment as an excellent opportunity to expand our oil and gas holdings and is actively seeking to invest in northern Colorado and beyond,” said Claude Pumilia COO and CFO of the Broe Group.
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