Denver-based PDC Energy says it will exchange nearly 12,000 acres of undeveloped mineral rights northeast of the Greeley with Noble Energy, which has undeveloped rights further south. The deal is expected to be finalized later this year.
Both companies say the trade will allow them to use existing infrastructure when oil and gas is extracted. That could mean more lateral drilling, and fewer wellheads above ground.
The companies are only swapping the rights for future development, and aren’t trading equipment or well heads.