Bayswater Reaches Asset Purchase Agreement, Expands Colorado Operations
DENVER, July 28, 2022 /PRNewswire/ — Bayswater Exploration & Production (Bayswater), a denveroil and natural gas company, today officially entered into an Asset Purchase Agreement (APA) that will expand its operational footprint in the Denver Julesburg (DJ) Basin by Weld County, Colorado. With the formal closing of this PPA, Bayswater has acquired the following assets from Nickel Road Operating LLC adjacent to Bayswater’s existing holdings in Weld County, Colorado:
- 2,752 net leasehold acres
- 161 net mining acres
- 17 producing wells (5 operated, 12 not operated)
- Direct interest in 18 CICs
- 68 well permits operated
“We are delighted to expand our DJ operations with the acquisition of these assets from Nickel Road,” said Bayswater’s President and CEO. Steve Struna. “We operated in Weld County for 13 years and are committed to the responsible development of Colorado oil and natural gas, arguably the cleanest energy molecules produced in the world. These assets fit seamlessly into our existing operations and perfectly complement our current two-rig drilling program at Weld County.”
With this acquisition, the company now owns 30,000 acres in Weld Countyapproximately 240 horizontal wells in production, a field office of 20 people at Eaton, Colorado, and a daily production of around 30,000 BOED. Bayswater plans to begin drilling operations on the newly acquired lease at October 2022.
In addition to its DJ position, Bayswater has an operated 46,000 acre position in the Northern Midland Basin in Texas which is currently being developed in a continuing two-rig drilling program. Bayswater operates 65 producing horizontal wells with the recent completion of a 21-well, three-rig development and expects 2022 year-end production to be approximately 25,000 BOED. Bayswater outlines three Wolfcamp Banks (A, B and D) and one Lower Spraberry Bank on its contiguous land position. Operations are supported by a fresh water supply and distribution system, a salt water collection and disposal well system, an amine plant (under construction) and an extensive network of collection pipelines of petroleum which is directly connected to the Delek – big spring refinery. Bayswater has a field office of 15 people at Coahoma, Texas.
Bayswater is a privately held oil and natural gas development company that employs several leading practices focused on reducing the air, land and water impacts of their operations. Bayswater is committed to responsible energy development and believes that developing oil and natural gas resources and managing a pristine, sustainable environment are not mutually exclusive. To learn more, visit www.bayswater.us.
Steve Struna | President and CEO | 303.893.2503
Marc Truax | Communications | 720.724.0298 | [email protected]
SOURCEBayswater Exploration and Production