WPX Energy (NYSE:WPX) agrees to jointly develop its Trail Ridge properties in western Colorado's Piceance Basin with G2X Energy subsidiary TRDC.
WPX receives $40M for 49% of its working interest in ~100 proved developed producing wells representing 27B cu. ft. of proved developed reserves and 46B cu. ft. of proved undeveloped reserves.
WPX will pay 28% of development costs and receive 51% of the production and reserves until TRDC has completed a $170M funding commitment; WPX will remain as operator.