Seeking Alpha

PDC Energy to sell 50% stake in Marcellus JV for ~$250M

  • PDC Energy (PDCE +2.5%) agrees to sell its 50% interest in the PDC Mountaineer Marcellus joint venture to Mountaineer Keystone Energy for ~$250M.
  • The assets are ~99% natural gas and include an estimated 240B cf of proved reserves as of year-end 2013; the assets produced ~24M cfe/day net to PDCE in Q1 2014.
  • PDCE also says it recently added ~13K Utica shale net through a series of transactions totaling ~35M, increasing its leasehold in the play to ~67K net acres.
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