Deal: Kimmeridge sells 2 Permian portcos for $1.5bn to PDC Energy

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[Context: Kimmeridge Energy Management sold two portfolio companies for $1.5bn to PDC Energy on August 23. No names were disclosed but in the Permian Kimmeridge backs Arris Petroleum and 299 Resources, according to Kimmeridge’s website, which together hold 57,000 net acres and have 7,000 boepd of production – the same amounts mentioned by PDC Energy in its press release. PDC paid $26,315 per acre, which is a high but not record-breaking amount for the Delaware.]

***Update: 299 Resources received $389.4m in cash and 3.99m shares of PDC stock, while Arris received $525.2m and 5.3m shares of stock, according to SEC filing.***

>Copy of Arris Petroleum Stock Purchase and Sale Agreement
>Copy of 299 Resources Asset Purchase and Sale Agreement

PDC Energy Announces Entry into the Core Delaware Basin through Transformative Acquisition of Approximately 57,000 Net Acres

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