On June 11, 2019, PDC Energy, Inc. (the “Company”) completed the disposition of certain gas-related midstream assets (the “Gas Assets”) in the Delaware Basin.

The Gas Assets were sold to EagleClaw Midstream Ventures, LLC (“EagleClaw”) for an initial cash purchase price of $100 million and an unconditional cash payment of $82 million due one year after the closing. In addition, the agreement includes certain volume-based production targets, that if exceeded, may result in up to an additional approximately $60 million of consideration payable to the Company during the term of the agreement. The agreement also provides the Company with long term flow assurance via Eagleclaw’s current processing capacity system and transportation of residue gas. The agreement provides for an area of mutual interest.

About PDC Energy, Inc. (NASDAQ:PDCE)

PDC Energy, Inc. is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Company’s Oil and Gas Exploration and Production segment includes all of its crude oil and natural gas properties. The Company’s Gas Marketing segment purchases, aggregates and resells natural gas produced by it and others. The Company’s operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Ohio operations are focused in the Utica Shale play. The Company owns an interest in approximately 3,000 gross producing wells, of which approximately 650 are horizontal. The Company has approximately 270 million barrels of oil equivalent (MMBoe) of proved reserves.