Colorado Briefs

Aug. 12, 2015

Lilis Energy upsizes Wattenberg deal

Lilis Energy Inc. of Denver amended its agreement with a private seller and agreed to acquire an additional 375 net acres, bringing total undeveloped acreage being acquired in the transaction to 1,015 net acres in the core area of Wattenberg field, targeting the Niobrara and Codell formations.

The additional acreage includes an average working interest of 4.48% and a total drilling commitment of $3.2 million. In May, Lilis announced plans to acquire nonoperated leasehold working interests in 53 producing wells and 640 net acres of undeveloped leasehold for $5.5 million.

With the terms being amended to include additional acreage, the total price became $5.76 million. Lilis Energy operates in the Denver-Julesburg basin, where it held 31,000 net acres as of June 10.

Pioneer offers to sell east Colorado leases

Pioneer Natural Resources Co. of Irving, Tex., is looking to sell its leases in eastern Colorado involving 640,000 acres, according to a sales listing with Meagher Energy Advisors in Denver.

The leases include unconventional potential in the upper Cherokee and middle Atoka shales, the listing said, adding PNR has cored three vertical unconventional test wells. PNR drilled two lateral appraisal wells, one each in Cherokee and Atoka, both testing oil to surface.

The leases Pioneer offered for sell are in Bent, Cheyenne, Crowley, Elbert, Kiowa, Kit Carson, Lincoln, Prowers, and Washington counties. These leases involve the Niobrara and other formations.

The company's leases are expiring during 2016-18, said the sale listing.