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(Image courtesy of Atlas Resource Partners)

Atlas Resource Partners announced it has acquired a 25% share in the Rangely oil field in the north-west region of Colorado for $420 million.

The oil field is operate by Chevron.

The Pennsylvania partnership said the Rangely field produced around 2900 bbl of oil equivalent in the first quarter.

Of this production, 90% was oil and 10% natural gas liquids.

The deal would provide “stable, high-margin cash flow and low-decline production”, Atlas said.