Bayswater Closes on Asset Purchase Agreement & Expands Colorado Operations

DENVER—Bayswater Exploration & Production (Bayswater), a Denver-based oil and natural gas development company, officially closed on an Asset Purchase Agreement (APA) today that will increase its operational footprint in the Denver Julesburg (DJ) Basin in Weld County, Colorado. With the formal closure of this APA, Bayswater 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 mineral acres
• 17 producing wells (5 operated, 12 non-operated)
• Working interest in 18 DUCs
• 68 operated well permits

“We are excited to expand our operations in the DJ with the acquisition of these assets from Nickel Road,” said Bayswater President and CEO, Steve Struna. “We have 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 worldwide. These assets are a great fit with our existing operations and a perfect complement to our current two-rig drilling program in Weld County.”

With this acquisition, the company now has 30,000 acres in Weld County, approximately 240 producing horizontal wells, a 20-person field office in Eaton, Colorado, and daily production of approximately 30,000 BOED. Bayswater expects to commence drilling operations on the newly acquired leasehold in October 2022.

In addition to its DJ position, Bayswater has a 46,000-acre operated position in the Northern Midland basin in Texas that is currently being developed under a continuous two-rig drilling program. Bayswater operates 65 producing horizontal wells with the recent completion of a 21 well, three pad development and anticipates 2022 year end production to be approximately 25,000 BOED. Bayswater is delineating three Wolfcamp benches (A, B and D) and one Lower Spraberry bench across its contiguous acreage position. Operations are supported by a freshwater supply and delivery system, a saltwater gathering and disposal well system, an amine plant (under construction), and an extensive oil gathering pipeline network which is directly connected to the Delek – Big Spring refinery. Bayswater has a 15-person field office in Coahoma, Texas.

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Bayswater is a privately held oil and natural gas development company employing multiple best-in-class practices focused on reducing the air, land, and water impacts of their operations. Bayswater is committed to responsible energy development and the belief that the development of oil and natural gas resources and the stewardship of a pristine, sustainable environment are not mutually exclusive. To learn more, visit www.bayswater.us.

Bayswater Closes on Asset Purchase Agreement & Expands Colorado Operations

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