KODE PPC ANDA
Natural gas and oil producer Petroleum Development Corp. said Thursday that it paid $11.9 million for oil and natural gas wells in Colorado.
The company said the acquisition of 28 wells would add 520,000 cubic feet per day of natural gas production and production of 25 barrels of oil per day. The seller was an undisclosed private company.
The purchase also includes more than 100 undeveloped locations, Petroleum Development said in a prepared statement.
Shares of Petroleum Development rose 15 cents to close at $51.86 on the Nasdaq Stock Market.
AP
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