Pacific Energy Development has acquired an additional 863.61 net acres in Weld County, Colorado, approximately 857.9 net acres of which are located in the prolific Wattenberg core area, as well as a number of general business initiatives related to the Company's rapid growth trajectory.

The Company acquired the additional Wattenberg core acreage from Continental Resources, Inc. ("Continental") in exchange for the Company's assumption of approximately $73 thousand in certain ad valorem tax liabilities from Continental with respect to certain operated wells the Company acquired from Continental in March 2014. In addition, on October 9, 2014, Continental paid to the Company approximately $483 thousand cash to reflect certain final post-closing adjustments in connection with the Company's March 2014 acquisition.

Tags: Pacific Energy Development