PEDEVCO Corp., Houston, has expanded its oil and gas leasehold into southeastern Wyoming through the acquisition of over 4,000 net leasehold acres in the Codell play in Wyoming's Denver-Julesburg (DJ) basin.
With the deal, the company’s D-J basin footprint increases to over 17,000 net acres across northeastern Colorado and southeastern Wyoming, the company said in a release last week.
Neither the purchase price nor a seller was disclosed.
J. Douglas Schick, president of the company, said that in the present environment, the company believes its capital “is better spent and will yield greater returns growing our production and reserves organically versus seeking to acquire existing production.”
The company expects to begin development of the new Wyoming position in 2024, he said.