Oil and gas exploration companies PDC Energy and Noble Energy announced Thursday a plan to swap 25,200 acres in Weld County early in the fourth quarter.
Denver-based PDC Energy will trade Noble, the state’s second-largest producer, roughly 13,500 net leasehold acres in exchange for 11,700 net acres, excluding production and wellbores. The trade would consolidate the companies’ holdings in the Wattenberg Field.
The 1,800-acre difference comes from a difference in net revenue interests, according to a statement from PDC Energy. A PDC Energy spokesman said the swap was still pending and would not disclose financial terms.
The consolidation of land would let PDC Energy design more comprehensive and long-term development plans, according to a statement from PDC president Bart Brookman.
PDC Energy increased oil and gas production by nearly two-thirds last year. The company entered 2016 as the most aggressive driller in the Wattenberg Field.
Last month, to Denver-based Synergy Resources Group for $505 million.
