PRE Resources Inc. is teaming up with GE Energy Financial Services to buy more than 100 producing wells and undeveloped acreage across 29 fields in Wyoming and Colorado. 

GE Energy Financial Services provided $46 million and committed to additional capital expenditures to form a partnership with Denver-based PRE Resources to buy the fields spread across Weston, Campbell, Crook, Niobrara and Hot Springs counties, WY, as well as Moffat County, Co. The seller was undisclosed.

PRE Resources is investing $5 million in the acquisition and will serve as general partner and operator, with GE Energy Financial Services serving as limited partner. The fields feature primarily long-lived oil reserves on nearly 18,000 net acres.

Denver-based PRE Resources, Inc. is a privately held independent oil and gas company engaged in the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. The company’s core areas include Wyoming’s Powder River and Greater Green River Basins; the Michigan Basin in Northern Michigan, California’s Ventura Basin and the Williston Basin of North Dakota. PRE focuses principally on optimizing production in its oil projects where it operates over 150 wells as part of the GE Energy Financial Services partnership. PRE has further exposure to low-risk development drilling for natural gas in Wyoming’s Jonah Field. 

Source:  PRE Resources Inc.