PDC closes Permian sale; suspends Marcellus drilling

摘要

Petroleum Development Corp., Denver, (NASDAQ: PETD) closed the sale of its remaining Permian Basin assets to Concho Resources Inc., Midland, (NYSE: CXO) for approximately $184.4 million after closing adjustments. Proceeds will be used to reduce outstanding borrowings on the com-pany's revolving credit facility and to fund the company's 2012 capital spending budget.PDC previously sold its noncore Permian assets in fourth-quarter 20 li for $13.3 million, resulting in total proceeds from the sale of the Permian Basin assets of approximately $198 million. In 2011, Permian assets represented approximately 5%, or 2.5 billion cu. ft. equivalent (Bcfe), of total production and 6%, or 65 Bcfe, of year-end proved reserves.