(Bloomberg) -- PDC Energy Inc. said it agreed to buy Great Western Petroleum LLC in a deal valued at $1.3 billion to expand holdings in Colorado's Wattenberg Field.
The acquisition includes $500 million in net debt, and will be financed through the issuance of about 4 million shares of common stock to existing Great Western shareholders and $543 million of cash, according to a statement Monday. The deal is expected to close in the second quarter.
PDC also said its board of directors approved an increase to its 2022 first-quarter base dividend to 25 cents a share from 12 cents.
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Shares of Denver-based PDC rose 0.2% before regular trading in New York.
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