Black Raven Energy, Inc., which is currently a private company, recently said it acquired an 80 percent working interest in Morgan County, Colorado's Adena Field.
According to a release, the agreement involves 18,760 gross acres in the field, which cost the Denver-based company $15.75 million. The location is in the Denver-Julesburg (DJ) Basin.
Black Raven Energy believes that between the D sand and the J sand present in the Adena Field, there are 3 million barrels of oil associated with the field. The Adena Field has produced 75 million barrels of oil from J sand since it was discovered in 1953, according to the release.
Thomas E. Riley, Black Raven Energy's 58-year-old chief executive, said that the company believes there are a great deal of opportunities presented by the purchase.
"We are very pleased to complete this acquisition," he said. "We have been working on this for several months, and have been very pleasantly surprised at the wealth of opportunities presented by this acquisition. For a small company with a great technical staff, this field will provide growth in oil and natural gas production for the foreseeable future."
According to Bloomberg, Black Raven Energy was founded in 2003 and currently has six employees.