Acquisitions And Divestitures

3 Months Ended

Mar. 31, 2014

Acquisitions And Divestitures [Abstract]

Acquisitions And Divestitures

(2) ACQUISITIONS AND DIVESTITURES

In March 2014, the Company signed an agreement to purchase approximately 312,000 net acres in northwest Colorado principally in the Niobrara formation for approximately $180 million, subject to closing adjustments. The Company utilized its Credit Facility to finance the acquisition. The Company closed on the acquisition on May 1, 2014 and plans to account for it as an asset acquisition.

In April 2013, the Company entered into a definitive purchase agreement to acquire natural gas properties located in Pennsylvania prospective for the Marcellus Shale for approximately $93 million, subject to closing conditions.  The Company utilized its revolving credit facility to finance the acquisition.  The Company closed on the acquisition during the second quarter of 2013 and accounted for it as an asset acquisition.