PDC Energy, Inc. completed the acquisition of 8,300 net acres in the Core Wattenberg Field in Weld County, Colorado from Bayswater Exploration and Production, LLC and certain related parties.

PDC Energy, Inc. (NasdaqGS:PDCE) entered into a purchase and sale agreement to acquire 8,300 net acres in the Core Wattenberg Field in Weld County, Colorado from Bayswater Exploration and Production, LLC and certain related parties for approximately $210 million on September 25, 2017. Upon executing the agreement, PDC Energy paid a $21 million deposit towards the purchase price into an escrow. The purchase price is subject to certain post-closing adjustments. In a related transaction, PDC Energy entered into an Acreage Exchange Agreement with another Wattenberg operator to consolidate certain acreage positions. The acquisition will be funded through cash and debt. As on November 14, 2017, PDC Energy, Inc. is planning a private offering of $600 million in aggregate principal amount of its senior unsecured notes due 2026, proceeds of which will be used to fund a portion of the purchase price. The transaction is expected to close in December 2017. Perella Weinberg of Tudor, Pickering, Holt & Co. acted as financial advisor to Bayswater Exploration & Production. Deanna L. Kirkpatrick and Derek Dostal , Cameron C. Lewis, John H. Runne and Carrie GuoDavis, Po Sit , K. Daniel Berman, Loyti Cheng and Yuko Masunaga of Davis Polk & Wardwell LLP acted as legal advisor to PDC Energy, Inc. PDC Energy, Inc. (NasdaqGS:PDCE) completed the acquisition of 8,300 net acres in the Core Wattenberg Field in Weld County, Colorado from Bayswater Exploration and Production, LLC and certain related parties on January 5, 2018.