Texas American shells out $70M for properties in Colorado’s D-J Basin

Exploration and production independent Texas American Resources has acquired producing properties in the prolific Denver-Julesburg Basin of northeast Colorado for $70 million, the company said Nov. 16.

The properties, located mainly in the Wattenberg Field in Adams and Weld counties, has 56.4 billion cubic feet of estimated reserves, 43 percent developed and 66 percent natural gas, “with significant additional upside potential in the probable and possible categories,” the company said.

The D-J Basin acquisition was financed with proceeds from Texas American’s $70 million revolving credit facility and a new $55 million loan.

“The D-J acquisition gives Texas American Resources an anchor asset in the Rockies and allows our company to grow our natural gas reserves in a repeatable play,” company president David Honeycutt said.

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