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DENVER, Colorado -- PDC Energy has entered into definitive agreements with Noble Energy and certain affiliates to consolidate certain acreage positions in the Wattenberg area of northern Colorado. The company anticipates closing this transaction early in the fourth quarter. 

Pursuant to the terms of the agreements, this strategic trade includes leasehold acreage only, and does not include production or wellbores. 

PDC expects to receive approximately 13,500 net acres from Noble in exchange for approximately 11,700 net acres, subject, in each case, to title examination and other customary adjustments. The difference in net acres is primarily due to variances in net revenue interests.

“The anticipated acreage trade creates significant operational efficiencies and incremental value for both PDC and Noble by consolidating our operated acreage positions in this premier field,” said Bart Brookman, PDC’s president and CEO. “This will enable us to design more comprehensive, long-term development plans, capture operational synergies, and streamline marketing and midstream. Most significantly, the trade increases opportunities for longer horizontal laterals with significantly increased working interests, all while minimizing potential surface impact.”