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Pedevco Begins Ops at Three-Well Wattenberg Project; Talks Well Cost
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PEDEVCO Corp. d/b/a Pacific Energy Development has successfully completed the drilling of the first of three back-to-back wells on its Wattenberg Asset, the Loomis 2-1H well, and the spudding of the second of three wells, the Loomis 2-3H well, on September 5, 2014.
The Loomis 2-1H well reached a total measured depth of 11,365 feet, with a 6,287 foot total vertical depth and 4,165 foot total lateral length through the Niobrara "B" Bench, with Niobrara "B" Bench chalk present across the entire well bore with a thickness of approximately 45 feet, and drill cuttings from the well bore evidencing highly prolific oil rich shale reservoir rock.
The Company is drilling these three wells from a single pad at an estimated gross cost of approximately $4.2 million per well. Following the drilling…
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