Pacific Energy Development Announces Production Rates of First Three Wells on Its Recently Acquired Wattenberg Asset
May 02 2014 - 8:30AM
Marketwired
Pacific Energy Development Announces Production Rates of First
Three Wells on Its Recently Acquired Wattenberg Asset
DANVILLE, CA--(Marketwired
- May 02, 2014) - PEDEVCO Corp. d/b/a Pacific Energy
Development (NYSEMKT: PED), an
energy company engaged in the acquisition and development of
strategic high-value energy projects in the U.S. and Asia, today
announced the estimated initial production rates of the first three
wells in which the Company has a 12.5% interest that were drilled
and completed by a third party operator on acreage recently
acquired by the Company in the Wattenberg Area of Weld County,
Colorado. The 24-hour peak rates for these three wells, as
estimated by the Company based on information received from the
operator, are as follows:
- 529.2 BOE/D (459 Bbl oil and 421 Mcf/d gas)
- 556.2 BOE/D (458.7 Bbl oil and 585 Mcf/d gas)
- 542.6 BOE/D (459.2 Bbl oil and 500 Mcf/d gas)
The Company acquired its Wattenberg Asset in March 2014,
expanding its position in the Denver-Julesberg Basin from an
original 2,384 net acres (its Niobrara Asset) to a total of 16,400
net acres in Weld and Morgan Counties, Colorado. Spudded in
January and completed in April, these three wells are among the
first four wells in the drilling program that the Company announced
earlier this month. The first well was drilled and completed
in 2011 and has already returned its drilling and completion
costs.
The Company plans to drill, and to participate in the drilling
of, approximately 16 total wells (equivalent to 6 net wells to PED)
during 2014 with 11 of those wells (equivalent to 4 net wells to
PED) being drilled in the Wattenberg Asset and 2 wells (equivalent
to 0.4 net wells to PED) in its Niobrara Asset in 2014, including
both operated and non-operated wells. Both the Wattenberg and
Niobrara Assets are located in the DJ Basin and substantially in
Weld County, Colorado.
In preparation for its drilling program this year and in
subsequent years, the Company recently filed spacing and pooling
applications with the Colorado Oil and Gas Conservation Commission
for sixteen of its newly acquired sections of acreage, is currently
performing title work, and plans on filing applications for over 90
drilling permits over the next 30 days. These applications are
expected to be finalized in June at which time the Company will be
able to specifically identify well locations and its corresponding
expected working interest in those wells.
"We are excited about the very positive results from these first
3 wells drilled and completed on our newly acquired Wattenberg
Asset. The outstanding production rates from these wells
validate our strategic focus on the Wattenberg and Niobrara plays
as the growth engine of our business, and are a demonstration of
our technical expertise in selecting high-return assets," said
Frank C. Ingriselli, President and CEO of the Company. "We
look forward to more success in the DJ Basin as we continue to
carry out our 2014 development and production drilling program,
which we expect will further strengthen our cash flow and allow us
to capitalize on other growth opportunities."
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSEMKT: PED), is a publicly-traded energy
company engaged in the acquisition and development of strategic,
high growth energy projects, including shale oil and gas assets, in
the United States and Asia. The Company's principal assets include
its Niobrara asset located in the DJ Basin in Colorado, its
Mississippian asset located in Comanche, Harper, Barber and Kiowa
Counties, Kansas, and its North Sugar Valley asset located in
Matagorda County, Texas. The Company has also previously announced
its entry into an agreement to acquire a working interest in a
380,000 acre producing asset located in the Pre-Caspian Basin, one
of the largest producing basins in Kazakhstan, which acquisition is
pending Kazakhstan government approval. Pacific Energy
Development is headquartered in Danville, California, with offices
in Houston, Texas and Beijing, China.
Forward-Looking Statements
All statements in this press release that are not based on
historical fact are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. While management has based any forward-looking statements
contained herein on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of the
Company's control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include, but are not necessarily limited to, those set
forth under Item 1A "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended December 31, 2013. The Company
operates in a highly competitive and rapidly changing environment,
thus new or unforeseen risks may arise. Accordingly, investors
should not place any reliance on forward-looking statements as a
prediction of actual results. The Company disclaims any intention
to, and undertakes no obligation to, update or revise any
forward-looking statements. Readers are also urged to carefully
review and consider the other various disclosures in the Company's
public filings with the SEC.
Contacts Pacific Energy Development Bonnie Tang, 1-855-733-3826
ext 21 (Media) PR@pacificenergydevelopment.comInvestor
Relations:Liviakis Financial Communications, Inc. John
Liviakis +1-415-389-4670 john@liviakis.comStonegate, Inc.
Casey Stegman 214-987-4121 casey@stonegateinc.com
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