Extraction Oil & Gas, an E&P company with primary assets in Wattenberg field in the Denver-Julesburg basin of Colorado, has closed two separate transactions to acquire approximately 16,800 net acres in the DJ basin for an aggregate cash consideration of $177 million.

The acquisitions include de minimis oil and gas production and approximately 425 net 1-mile equivalent drilling locations, with offsetting results from other operators that are comparable to some of the best wells in Wattenberg field.

Extraction believes, based on management’s current assumptions and estimates, that economic break-even prices will be below $45/bbl (WTI) across the majority of the acreage. The sellers were not disclosed.

Source: www.worldoil.com