Post Tagged with: "Great Western Oil & Gas"

After 50 Years, the Wattenberg Field Keeps Re-inventing Itself

After 50 Years, the Wattenberg Field Keeps Re-inventing Itself

At $60 oil, our wells are very economic: an exclusive OAG360 interview with Great Western Oil & Gas CEO Rich Frommer As summer heats up, the days are winding down on the second quarter of 2015, marking the second full reporting period of oil and gas prices staying near or below the $60/barrel and $3/Mcf range. While the new commodity market has created obstacles in the form of reduced borrowing bases and tighter budgets, it has also created opportunity for private equity firms. A recent survey by Reuters discovered almost half of United States private equity investors are targeting oil and gas funds to take advantage of the lower commodity prices. Great Western Oil & Gas (GWOG) is an example of a private company capitalizing on the market downturn. The E&P focuses exclusively on the Wattenberg Field in Colorado and has expanded its Wattenberg position with two acquisitions since February[Read More…]

Great Western Oil & Gas Continues Acquisitions in the DJ Basin

Great Western Oil & Gas Continues Acquisitions in the DJ Basin

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[Read More…]