Milbank is advising ActOil Colorado, LLC, an affiliate of a leading US-based financial services organization that provides pension, insurance and investment products and related services, in connection with the sale of its interests in Great Western Petroleum to PDC Energy, Inc. (NASDAQ: PDCE) in a cash-and-stock deal valued at approximately $1.3 billion. The acquisition will be funded through the issuance of about 4.0 million shares of common stock to existing Great Western members and about $543 million in cash, subject to customary post-closing adjustments.
Great Western Petroleum operates more than 400 wells in the Denver-Julesburg Basin in Colorado offering oil and gas drilling, exploration and production services. Its operations are focused on developmental drilling and corporate and property acquisitions in the Rocky Mountain region of North America. PDC Energy is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and the Delaware Basin in west Texas.
The transaction is expected to close during the second quarter of 2022, subject to the satisfaction of customary closing conditions.
The Milbank deal team was led by Global Corporate partner John Franchini with associates Danny Tyrrell and Pragyan Patnaik.
