Zach Koppang | Shale Plays Media
Petro Global News has reported that Vanguard Natural Resources has purchased 12,000 net acres of land in Colorado’s Piceance Basin for $525 million.
The assets were purchased from the Denver-based Bill Barrett Corporation and includes oil and natural gas assets which are presently producing an equivalent of 67 million cubic feet per day. The assets are composed of about 76 percent natural gas, 19 percent natural gas liquids and about five percent oil.
The recently purchased reserves have an expected lifespan of about 16 years. The area’s proven reserves are estimated to consist of about 389 billion cubic feet. Vanguard will hold about 78 percent of the working interest in roughly 950 producing wells, 119 recompletion projects, and 94 other proven but undeveloped drilling locations.