Petroleum Development buying Williams' E&P property in northeastern Colorado

May 13, 2003
Williams Cos. Inc., Tulsa, has agreed to sell natural gas exploration and production properties in the Denver-Julesburg basin in northeastern Colorado to Petroleum Development Corp., Bridgeport, W. Va., for $28 million.

By OGJ editors

HOUSTON, May 13 -- Williams Cos. Inc., Tulsa, has agreed to sell natural gas exploration and production properties in the Denver-Julesburg basin in northeastern Colorado to Petroleum Development Corp., Bridgeport, W. Va., for $28 million.

The properties represent 6 MMcfd of net production and less than 1% of Williams' proved reserves of 2.8 tcf as of Dec. 31, 2002. The Denver-Julesburg properties were among those previously announced for sale as part of Williams' divestiture plans to help resolve some liquidity problems (OGJ, Aug. 26, 2002, p. 37).

Including this transaction, Williams has agreed to sell certain gas properties for $477 million. The company continues to market other gas exploration and production properties.