Category Archives: News Releases

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Broe Real Estate Group Breaks Ground on Country Club Towers II

Denver Mayor, Councilman and business leaders speak at ceremony
Construction project to employ 1,000 workers, provide workforce training

Denver – Broe Real Estate Group, an affiliate of The Broe Group, has started construction on a major, residential apartment building project that will employ up to 1,000 construction workers and provide high-quality housing with innovative design in a supply-constrained market. Denver’s newest landmark apartment building, the twin 31-story Country Club Towers II, will be located in the West Wash Park neighborhood near the intersection of South Downing Street and East Bayaud Avenue. The first units will be available to renters in mid-2017.

A groundbreaking ceremony held today featured Denver Mayor Michael Hancock, Councilman Chris Nevitt, Sean Broe representing The Broe Group, Doug Wells and Carl Luppens of Broe Real Estate Group, Gary Rafferty of Swinerton Builders and Michael Gifford of the Associated General Contractors of Colorado. The speakers praised the project and the job training that is to be provided by Swinerton and Associated General Contractors of Colorado.

“We are delighted that the Country Club Towers II project will benefit the local economy by training and developing the next generation of Denver’s workforce, helping to fill the construction industry’s continuing need for a skilled workforce, : said Mayor Hancock.

“The Broe family and The Broe Real Estate Group are making a significant investment to develop Country Club Towers II, and are showing our long-term commitment to Denver by offering residents high-quality homes in an attractive urban setting,” said Sean Broe.  “The development, which will include ample parking and plenty of green space, is a striking enhancement to the existing property and the highly desirable Denver community of West Wash Park. People want to live near downtown Denver, and we are pleased to be able to provide state-of-the-art, energy-efficient residences that are close to where they work and play.”

Country Club Towers II will offer 552 apartments and 1,005 structured parking spaces, which is double the zoning requirements. Each apartment will have floor-to-ceiling, energy-efficient bay windows offering panoramic views, granite surfaces, stainless steel appliances, and in-unit washers/dryers. Amenities include a lap pool with 26,000-square-foot deck, fitness center, yoga rooms, bike repair station, multiple outdoor patios and an indoor common kitchen and clubhouse. Additionally, the existing apartments in the Country Club Gardens and Towers are being renovated as part of the project.

“Country Club Towers II represents a new strategic focus for Broe Real Estate Group to develop high-quality, state-of-the-art residential rental housing in supply-constrained urban markets in the U.S. Country Club Towers II is the first of several projects Broe Real Estate Group expects to undertake over the next several years,” said Doug Wells, CEO of Broe Real Estate Group.

Considerable infrastructure work supporting this project and benefitting the local community has already been completed including replacement of 100-year-old water lines for residences along Downing and Ogden streets.  In addition, plans call for installation of a signal at Downing and Bayaud streets to address existing traffic challenges. In addition, several acres of the development have been left in a park-like open space condition to ensure the property retains its existing character.

In addition to the benefit of 1,000 new construction jobs for the project, general contractor Swinerton Builders is providing training, including employing college interns on the project for the summer, which will help prepare these future professionals for the rigors of the commercial construction industry.

The architect for Country Club Towers II is Solomon Cordwell Buenz of Chicago. Led by Swinerton, the balance of the team is locally based, and includes RK Mechanical, Weifield Group, S.A. Miro, Kimley Horn and StudioInsite. The project was approved by the Denver City Council more than 12 years ago and is consistent with zoning that has been in place for more than 50 years. Broe Real Estate Group is working with the Landmark Preservation Commission and other partners and stakeholders to ensure the best possible project for the city, the neighborhood and residents.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

 

About The Broe Group

The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.

 

About Swinerton Builders
Swinerton Builders has been providing general contracting, construction management and tenant improvement services in Colorado since 1942. Organized in 1888, Swinerton provides commercial construction and construction management services throughout the Western United States and is a 100 percent employee-owned company.  Recognized as a Top 100 Workplace of 2015 by The Denver Post, Swinerton is devoted to Colorado with a passion for delivering the highest quality product through innovation, integrity, and experience. For more information on Swinerton, visit www.swinerton.com.

 

About SCB
Solomon Cordwell Buenz (SCB) is recognized as one of the nation’s leading designers of high-rise residential buildings, bringing a balanced understanding of high-level design, technical innovation, sustainability and strict adherence to project budgets. Over the years we have completed design and construction of more 105 high-rise multifamily residences, have won many of the industry’s highest honors, and pioneer LEED design in the United States. Since its founding, SCB has been at the forefront of high-density, multifamily apartment design. For more information on Solomon Cordwell Buenz, visit www.scb.com.

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Great Western Oil & Gas Continues to Expand Presence in Wattenberg Field

Announces Purchase of Additional Wells and Acreage

Denver – Great Western Petroleum, a subsidiary of Great Western Oil & Gas Company, an affiliate of The Broe Group with active operations in the Denver-Julesburg Basin in Colorado, has purchased approximately 6,000 acres and eight producing wells in the Wattenberg Field. The purchase closed June 1, but the production is effective back to January 1.  The price and seller were not disclosed.

“We continue to see great value in the DJ basin and remain committed to northern Colorado and increasing our holdings there,” said Rich Frommer, President and CEO of Great Western Oil & Gas. “We expect additional acquisition activity in the near-term future.”

This new asset will allow the company to drill up to 100 new horizontal wells in the Niobrara and Codell formations. It is the second acquisition Great Western Oil & Gas has made during this period of uncertainty for the industry.  In January, the company announced it purchased 14 producing wells and 816 net leasehold acres in the Wattenberg Field.

“The Broe Group sees the current market environment as an excellent opportunity to expand our oil and gas holdings. and is actively seeking to invest in northern Colorado and beyond,” said Claude Pumilia, COO and CFO of The Broe Group.

About Great Western Oil & Gas
Great Western Oil & Gas (GWOG) is a Denver-based independent exploration and production company with active operations in the Denver-Julesburg Basin in Colorado. GWOG’s $1 billion program includes 450 drilled and operating wells, producing 10,000 barrels of oil equivalent per day. GWOG is ranked as a Top 10 driller in the United States and the ninth producer in Wattenberg Field in Colorado. Learn more or contact us at www.gwogco.com.

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

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Three Leaf Ventures Opens Midwest Office; Managing Director Speaks at Michigan Growth Capital Symposium

Denver Three Leaf Ventures, a wholly-owned subsidiary of The Broe Group established to invest in progressive healthcare technology companies, is opening an office in Ann Arbor, MI to gain exposure to the growing opportunities that exist in the Midwest and East Coast regions. As part of Three Leaf’s introduction to the market, Managing Director Sean Kearney, who will be based in the new office, is speaking on a panel at Michigan Growth Capital Symposium today.

“Three Leaf Ventures has historically invested in Silicon Valley and West Coast firms, but recognizes the potential for supporting entrepreneurs in other areas who are addressing the most significant challenges in the healthcare industry. We selected Ann Arbor because of its vibrant investment community, research institutions and connections to both new and traditional businesses,” said Kearney.

The Three Leaf office is located at Headwaters in the Kerrytown neighborhood at 303 Detroit Street, Suite 100, Ann Arbor, MI. Headwaters is a collaborative group of individuals that operate and invest in startups and venture stage organizations.

The panel Kearney is participating in is part of the Michigan Growth Capital Symposium, the premier venture event that annually showcases nearly 40 ‘Best of the Midwest’ high-growth companies in new businesses and emerging technologies. Hosted by the University of Michigan, the Symposium is one of the longest running programs of its kind and is expected to bring together over 450 people representing top investment firms from across the U.S. and early stage and emerging growth companies, as well as related stakeholders.

About Three Leaf Ventures
Three Leaf Ventures, the technology investment affiliate of The Broe Group, supports growing companies in their effort to address the many issues that exist in managing health. Today, as never before, technology can be leveraged to significantly reduce the frictions present in our healthcare system.  Three Leaf Ventures and The Broe Group aim to partner with entrepreneurs from vision to fruition.

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and manage real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading logistics services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway Company. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

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The Great Western Industrial Park, Developed by Affiliates of The Broe Group, Driving Job Growth in Northern Colorado

Up to 2,600 direct and indirect jobs result from rapid expansion 

Denver  Amid a sea of news about oil and gas layoffs and operators closing or downsizing their Colorado offices, the Great Western Industrial Park (GWIP) in Windsor, Colo., marketed by Great Western Development Co., an affiliate of the Broe Group and OmniTRAX Inc., is providing a bright spot of growth as businesses there prepare to add approximately 575 new jobs in 2015. These high-paying manufacturing positions will translate into an additional 1,250 to 2,000 indirect jobs for the surrounding communities, according to U.S. Bureau of Economic Analysis.

The workforce at GWIP now stands at about 1,500.  The additional expansion planned for 2015 is expected to bring the total to more than 2,000, with job growth anticipated for each of the next five years. Several more companies are planning to develop land and/or add new jobs in the park during the next 18 months, which will bring the total to an estimated 2,200.

Companies currently operating in GWIP include Vestas, Carestream, Front Range Energy, Halliburton, Hexcel, Kodak, Colorado National Guard, Musket, Cargill and Schlumberger. In addition, Crall Products is planning to build a facility in the park before 2017, bolstering the job growth.

“Since it opened in 1999, the Great Western Industrial Park has consistently added businesses, and with that growth has come steady increase in employment, totaling more than 1,000 new jobs in the past decade,” said Jenni Stanford, Director of Industrial Development, northern Colorado at Great Western Development Co.  “We know this is especially important to the stability and vitality of the local community.”

Situated along Colorado’s northern Front Range, GWIP is part of a coordinated, master-planned development that is becoming an epicenter of twenty-first century manufacturing and distribution. The park is the prototype for industrial development along rail corridors and is being emulated at several locations around the country, including Brownsville, TX, Sand Springs, OK and Stockton, CA.

“At Broe, we see an industrial renaissance in the U.S., which we are helping to accelerate through continued investment and growth in Great Western Industrial Park,” said Claude Pumilia, Chief Operating Officer of The Broe Group. “We are always pleased to be able to add jobs, including direct employment for our OmniTRAX, Great Western Oil & Gas and Broe Real Estate Services affiliates, as well as indirectly through GWIP business growth and expansion in northern Colorado.”

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com <http://www.broe.com/>  .

 

About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.

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Douglas Wells Joins Broe Real Estate Group as CEO

Denver  Broe Real Estate Group, a leading investor and manager of commercial real estate across the US, today announced that Douglas Wells is joining the company as CEO, effective immediately. In his new role, Wells leads all operational, investment and capital market activities for Broe Real Estate Group and its affiliates.

“Doug is a great find for Broe Real Estate Group, and The Broe Group. Along with the leaders of our transportation and oil and gas business units, he is indicative of the caliber of people we’ve added over the last few years to strengthen our management capability and implement best practices across the value creation chain,” said Claude Pumilia, Chief Operating Officer for The Broe Group.

“Doug has a critical mix of financial expertise and operating experience. Given his exceptional performance in his previous executive roles, we expect Broe Real Estate Group to experience significant growth under his leadership.”

Wells was previously Chief Investment Officer of Shelter Canadian Properties Limited, a real estate investment management company. Before that, he spent 15 years with Lazard Real Estate Partners, most recently as Managing Principal with investment management responsibility for five real estate opportunity funds, which at its peak totaled more than $3 billion of committed partner capital invested in the hospitality, office, industrial, retail, senior living and structured finance sectors. As part of his role at Lazard, Wells also served as President of InTown Suites, Inc., an Atlanta based extended-stay hotel company with 127 locations. He was previously with The Mutual Life Insurance Company of New York/ARES Realty Capital, and started his real estate career with Shelter Corporation of Canada Limited.

Wells received his B.A. from Trent University in Peterborough, ON and his M.B.A. from University of Denver.

“Broe Real Estate Group has an impressive real estate investment management platform with a track record of superior returns across all major property sectors through many investment cycles. I’m looking forward to the challenge of helping to take an already successful real estate investment management firm to the next level,” said Wells.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

 

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com <http://www.broe.com/>  .

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Broe Real Estate Group Affiliate Recapitalizes Office Complex Near Milwaukee

Transaction launches Broe Real Estate Group’s
$100 million Equity Solutions program for capital constrained real estate investors

Denver – Broe Real Estate Group, a leading investor and operator of commercial real estate assets across the US, is recapitalizing the One Riverwood Place & Two Riverwood Place offices in Pewaukee, WI, under a managed affiliate. The two office buildings, which were constructed in 1999 and 2001, and total 197,000 square feet of Class A space, are now 72% leased.

As part of the transaction, Broe’s affiliate is assuming a $26.5 million dollar CMBS loan through a recapitalization. Broe will assume all asset management responsibilities and will fund all future capital improvements and leasing costs. The property was originally acquired by a Tenant-in-Common (TIC) group of investors in 2007 for $36.5 million.

“We are excited about the Riverwood recap because it’s a great property in a strong suburban market. The transaction also represents the first of many recapitalizations Broe plans to close in 2015 with our new Equity Solutions program,” said Jim Crawford, Vice President – Acquisitions, Broe Real Estate Group.

The Riverwood recapitalization is part of a $100 million program called “Equity Solutions,” which provides capital to TICs and other capital constrained partnerships that need additional capital for refinancing, capital expenditures, leasing costs, legal fees and other real estate related costs.

TIC structures were popular in the mid 2000’s because they allowed individuals to avoid capital gains taxes by re-investing proceeds from other real estate/asset sales. Many TIC investments soured due to the high prices paid for the properties during the height of the real estate cycle, high fees charged by TIC sponsors and the lack of additional sources to fund leasing costs and capital expenditures when initial reserves were depleted.

The Riverwood TIC members were represented by National Asset Services, a Los Angeles-based asset manager specializing in management of TIC groups across the country. National Asset Services will remain involved in the transaction by continuing to work with the TIC investors and will support Broe in the asset management of the property.

“The Broe team was great to work with. They are solution oriented professionals who helped get the TIC investors out of a difficult situation in a fair and non-predatory manner,” said Karen E. Kennedy, President of National Asset Services. “Broe not only brings capital but also years of experience and know-how that will help turn around the property.”

Broe Real Estate Group hired NAI MLG Commercial in Milwaukee to be the property manager and leasing broker. Tim Janusz and Rachel Schmidt, both Senior Vice Presidents at MLG, head the leasing team.

About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.

 

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com <http://www.broe.com/>  .

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Omnitrax’s billie johnson named Aslrra’s 2014 safety person of the year

Denver – OmniTRAX Inc., one of North America’s largest private railroad and transportation management companies, is proud to announce that Billie Johnson, General Manager for Newburgh & South Shore Railroad and Northern Ohio & Western Railway, is the American Short Line and Regional Railroad Association’s (ASLRRA) 2014 Safety Person of the Year. Johnson will receive the award at the ASLRRA Convention in Orlando March 28-30, 2015.

“Billie continues to demonstrate the most outstanding safety achievements of any manager on our network of railroads. She is dedicated to safe operations on the Newburgh & South Shore Railroad and Northern Ohio & Western Railway, and emphasizes initiatives that improve associate safety in the workplace. I can’t think of a more deserving recipient of the ASLRRA Safety Person of the Year award,” said Kevin Shuba, CEO of OmniTRAX.

Johnson began her railroad career as a keypunch operator at the Chicago, Rock Island Railroad in 1969 and then rapidly was promoted to Terminal Manager.  In 1981, she joined the Chicago Rail Link Railroad, and in 1991 she transferred to the Newburgh & South Shore Railroad working as a clerk, then a conductor, a certified engineer and then in 1995 was promoted to General Manager of the Northern Ohio & Western Railroad and later added Newburgh & South Shore Railroad.

“In the18 years I’ve spent working with Billie, she has always been a source of honesty and knowledge. She is willing to help where needed and is a vital member of our leadership team. The fact that she has never had any type of workplace injury, much less an FRA reportable injury, shows her dedication to safe operations,” said Bob Ellman, Vice President of Operations at OmniTRAX.

From 1995 to 2015, Northern Ohio & Western Railway had no FRA reportable derailments, 663+ days since a human factor incident and is 4,050+ days injury free.  During that same time period, Newburgh & South Shore Railroad is 748+ days since the last human factor incident, 5,210+ days since the last reportable derailment and has had 6,589+ days since the last reportable injury.

“In the year I have worked with Billie it has been very evident that her determination to develop her properties and employees to be the safest in the industry is extraordinary.  She treats her team members like they are family and it shows in her results,” said Bill Kelly, Vice President of Safety for OmniTRAX.

In addition to her job, Johnson is a long time member of the St. Mary’s Catholic Church in Tiffin, OH, where she is a volunteer and is instrumental in holding the annual festival along with numerous other activities. She has also served as a member of the Economic Development Board for the City of Tiffin.

About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by the company. More information is available at www.omnitrax.com.

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OmniTRAX Affiliate Acquires Peru Industrial Railroad, LLC

Purchase expands OmniTRAX footprint in Illinois; will attract new companies and create jobs

Denver – Peru Industrial Railroad, LLC, a managed affiliate of OmniTRAX, Inc., one of the largest privately held rail service companies in North America, is purchasing the Peru Rail Line from the City of Peru, IL. Peru Industrial Railroad will run freight service on three miles of track starting immediately. Terms were not disclosed.

Peru Industrial Railroad has a direct connection with Illinois Railway, LLC, which is also managed by OmniTRAX. Together, the two rail lines encompass 116 miles of track and have interchanges with BNSF, Norfolk Southern, Canadian Pacific, Canadian National and CSX. Traffic handled includes frac sand, industrial products and other commodities.

“The rail line is a natural add on for OmniTRAX and will create great freight and development opportunities for the City of Peru. When combined with the Illinois Railway, this operation will provide our customers with needed services, while delivering new jobs and economic growth to LaSalle County and beyond,” said Kevin Shuba, CEO of OmniTRAX.

Peru Mayor Scott Harl said; “The City of Peru started on the Illinois River and authorized its first railroad in 1887. The City is at the crossroads of two interstate highways and owns a regional airport. This sale further enhances the City’s position as a center of transportation logistics and we look forward to working with Peru Industrial Railroad to further develop that industrial corridor.”

Note to Editors: Photos of the Peru Industrial Railroad are available.

About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.

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Great Western Oil & Gas Buys Additional Wells And Leasehold Acreage In Wattenberg Field

Company is actively pursuing acquisitions during period of uncertainty in the industry

Denver  Great Western Oil & Gas Company, an affiliate of The Broe Group with active operations in the Denver-Julesburg Basin in Colorado, has purchased 14 producing wells and 816 net leasehold acres in the Wattenberg Field from an undisclosed seller. The purchase closed January 16. The price was not disclosed.

The tracts are adjacent to existing Great Western Oil & Gas land in Weld County and bolster the company’s position among the top 10 oil & gas producers in Colorado, where the company continues to look for additional acquisitions of wells, acreage and non-consenting working interests.

“This acquisition is a great example of our strategy to expand our holdings in the Wattenberg Field, particularly during the current period of variability in the industry, and achieve economies of scale throughout our operations in Northern Colorado. We continue to search for additional suitable wells and leasehold acreage located near our current operating locations,” said Rich Frommer, President and CEO of Great Western Oil & Gas.

About Great Western Oil & Gas Company, LLC
Great Western Oil & Gas Company, LLC (GWOG) is a Denver-based independent exploration and production company with active operations in the Denver-Julesburg Basin in Colorado. GWOG is ranked among the top 10 largest producers in Wattenberg Field in Colorado. Learn more or contact us at www.gwogco.com.

 

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and manage 29 million square feet of real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

 

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Great Western Oil & Gas Buys Additional Wells And Leasehold Acreage In Wattenberg Field

Company is actively pursuing acquisitions during period of uncertainty in the industry

Denver Great Western Oil & Gas Company, an affiliate of The Broe Group with active operations in the Denver-Julesburg Basin in Colorado, has purchased 14 producing wells and 816 net leasehold acres in the Wattenberg Field from an undisclosed seller. The purchase closed January 16. The price was not disclosed.

The tracts are adjacent to existing Great Western Oil & Gas land in Weld County and bolster the company’s position among the top 10 oil & gas producers in Colorado, where the company continues to look for additional acquisitions of wells, acreage and non-consenting working interests.

“This acquisition is a great example of our strategy to expand our holdings in the Wattenberg Field, particularly during the current period of variability in the industry, and achieve economies of scale throughout our operations in Northern Colorado. We continue to search for additional suitable wells and leasehold acreage located near our current operating locations,” said Rich Frommer, President and CEO of Great Western Oil & Gas.

About Great Western Oil & Gas Company, LLC
Great Western Oil & Gas Company, LLC (GWOG) is a Denver-based independent exploration and production company with active operations in the Denver-Julesburg Basin in Colorado. GWOG is ranked among the top 10 largest producers in Wattenberg Field in Colorado. Learn more or contact us at www.gwogco.com.

About The Broe Group
The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and manage 29 million square feet of real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.