PDC Energy Inc (NASDAQ:PDCE) complets the sale of natural gas assets


Dallas, Texas 07/08/2013 (Financialstrend) – PDC Energy Inc (NASDAQ:PDCE), announced through its recent report that the company has effectively completed the sale of natural gas assets located in the Colorado region by mid-June 2013. The natural gas assets were sold for an aggregate value of $185 million to Caerus Oil and Gas LLC. These assets included around 85 billion cubic feet of reserves of natural gas in the Colorado region as estimated on December 31, 2012. The sale of assets is further subject to post-closing agreements between the two companies.

Shares of PDC Energy Inc (NASDAQ:PDCE) closed at $56.69 on Friday, recording an increase of 5.57 percent for the day. The stock price fluctuated during the day between $54.30 and $56.99 per share, after opening at $54.66 on Friday. Shares of PDC Energy Inc (NASDAQ:PDCE) have a 52-week low price of $23.27 and a 52-week high price of $56.99.

As for the specific percentage of equity ownership, institutional owners hold around 115 percent of the equity total capital in PDC Energy Inc (NASDAQ:PDCE) and there are 30.34 million shares outstanding in the market. The company recorded an average volume of trading at 414,623.00 shares per day.

PDC Energy Inc (NASDAQ:PDCE) is a domestic company which is involved in the exploration, development, acquisition and production of natural gas, natural gas liquids (NGLs) and crude oil.The Wattenberg Field in Colorado, in the liquid-rich Niobrara play, together with the ongoing developments of refractures and recompletions of the Wattenberg wells were the focus of the PDC Energy Inc (NASDAQ:PDCE). The liquid-rich portion of the Utica Shale play in Ohio is the focus in the Eastern operating region for PDC Energy Inc (NASDAQ:PDCE). More than 7,200 wells maintain an average production rate of 135.6 million cubic feet of natural gas per day during December 2012.

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