From the Marcellus Drilling News:

PDC Energy, formerly known as Petroleum Development Corp., announced Tuesday they are selling off “non-core” assets in the Piceance Basin (northwestern Colorado) and assets they own in northeastern Colorado for $200 million so they can invest the money in wet gas drilling in the Ohio Utica and Niobrara Shale plays.

PDC’s announcement from Tuesday:


PDC Energy, Inc. (“PDC” or the “Company”) today 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.


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