Key Developments: PDC Energy Inc (PDCE.OQ)
53.39USD
1 Aug 2013
$-1.76 (-3.19%)
$55.15
$52.81
$56.41
$52.33
245,466
129,469
$57.64
$23.27
Latest Key Developments (Source: Significant Developments)
PDC Energy Inc Announces Closing Of Non-Core Colorado Natural Gas Asset Sale
PDC Energy Inc announced that it has closed on June 18, 2013, on the previously disclosed sale of its non-core Colorado natural gas assets. The Company's non-core Colorado assets were sold to Caerus Oil and Gas LLC for approximately $185 million in net proceeds. Under the purchase and sale agreement, the transaction was given economic effect as of January 1, 2013. The assets sold are approximately 99% natural gas in terms of reserves and include an estimated 85 billion cubic feet equivalent (Bcfe) of net proved developed producing reserves as of December 31, 2012. The assets produced approximately 40 million net cubic feet of natural gas equivalent per day in the first quarter of 2013. Full Article
PDC Energy Inc Revises FY 2013 Production Guidance-Conference Call
PDC Energy Inc announced that it has reduced previously announced production forecast for fiscal 2013 by 13 Bcfe. This guidance is based on a range of about 43 Bcfe, or about 7.1 million barrels of oil equivalent of production for the year. Full Article
PDC Energy Inc to Sell Non-Core Colorado Natural Gas Assets for Approximately $200 Million
PDC Energy Inc announced the Company has signed a definitive agreement to sell its Piceance, NECO, and other non-core Colorado holdings to Denver-based Caerus Oil and Gas LLC for approximately $200 million in cash, subject to purchase price adjustments. The transaction includes the buyer's assumption of all PDC's firm transportation obligations related to the sale assets as well as certain natural gas hedging positions for the years 2013 through 2015. The effective date of the transaction is January 1, 2013 and it is expected to close in the second quarter of 2013, subject to customary closing conditions. The assets to be sold are approximately 99% natural gas and include an estimated 85 billion cubic feet equivalent ("Bcfe") of net proved developed producing reserves as of December 31, 2012. The assets currently produce approximately 42 million cubic feet equivalent per day net and the sale is expected to reduce PDC's net production volume in 2013 by approximately 10 Bcfe. Petrie Partners LLC advised PDC on the sale. Full Article
PDC Energy Inc Issues Q4 2012 Production Guidance; Reaffirms FY 2012 EBITDA Guidance
PDC Energy Inc announced that for fourth quarter of 2012, it expects production to exceed third quarter of 2012 production. The Company also announced that adjusted EBITDA to be within the range of prior guidance. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $209 million for fiscal 2012. Full Article
PDC Energy Inc Announces Closing Of Senior Notes Offering
PDC Energy Inc announced the closing of its previously announced offering of $500 million principal amount of senior unsecured notes. PDC is using a portion of the net proceeds of the offering to redeem its 12% senior notes due 2018 and expects to use the remaining net proceeds to repay certain other indebtedness and for general corporate purposes. Full Article
Miller Energy Resources Inc Acquires Tennessee Assets Of PDC Energy, Inc
Miller Energy Resources Inc announced that it has acquired the Tennessee assets of PDC Energy, Inc. Terms of the transaction were not disclosed. Full Article
PDC Energy Inc Reaffirms FY 2012 Production Guidance-Conference Call
PDC Energy Inc announced that fiscal 2012 production is estimated at 51.5 Bcf. Full Article
PDC Energy Inc Lowers FY 2012 Production Guidance
PDC Energy Inc announced that for fiscal 2012, the production guidance is being revised downward to 51.5 Bcfe as a result of the impact of midstream related production constraints from high line pressure and abnormally hot weather in the Wattenberg Field, the completion delay of a three-well pad in the Marcellus Shale caused by a delay in the receipt of a pipeline permit, and a modest reduction in the refrac/recompletion program in the Wattenberg Field. Full Article
PDC Energy Inc Announces Closing Of Acquisition In Liquid Rich Core Wattenberg Field And Upsize Of Its Revolving Credit Facility
PDC Energy (PDC or the Company) announced that it has closed the previously announced acquisition of core Wattenberg assets from a private party for a purchase price of approximately $327 million subject to certain post-closing adjustments. The acquisition was funded with cash and borrowings under its revolving credit facility. The Company raised approximately $164 million in net proceeds through an equity offering which closed on May 21, 2012 to partially fund the acquisition cost. The effective date of the transaction is April 1, 2012. Full Article
Petroleum Development Corp. Completes Common Stock Offering
Petroleum Development Corp. announced that it has closed its previously announced underwritten public offering of 6,500,000 shares of common stock at a public offering price of $26.50 per share. The net proceeds from the offering were approximately $164 million after deducting underwriting discounts and commissions and estimated expenses. On or before June 14, 2012, the underwriters may purchase up to an additional 975,000 shares from the Company. The Company intends to use the net proceeds from the offering to finance a portion of the Company's contemplated acquisition of additional assets in the Wattenberg Field in Colorado or for other general corporate purposes. BofA Merrill Lynch, J.P. Morgan, and Wells Fargo Securities are acting as joint book-runners for the offering. Full Article

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