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.
