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PEDEVCO Corp. d/b/a Pacific Energy Development plans to participate in the drilling of its first four wells in the Wattenberg Extension Area acreage it acquired last month.
These four wells were all drilled and operated by Bonanza Creek, which has a proven track record of undertaking successful and cost-effective drilling programs. The first well, which was originally drilled in 2011, has already returned its drilling and completion costs. The other remaining three wells were drilled in February 2014 and completed in March 2014, and are expected to be on full production in April 2014.
The Company expects further results of these wells to be available before the end of April 2014.
2014 Drilling Program
For 2014, the Company plans to drill and participate in approximately 11 additional gross wells on the Wattenberg Asset and 2 gross wells in its Niobrara legacy acreage, 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. The Company is in the process of securing permits for spacing, pooling and drilling and other required approvals from the Colorado Oil and Gas Commission with respect to wells it plans to drill and complete as an operator on these assets, and expects positive results from those filings in June. Upon receipt of these permits and approvals, the Company will identify the location of the wells in an update to its development plan.
On the Company's Mississippian Asset located in Comanche, Harper, Barber and Kiowa Counties, Kansas, the Company plans to drill three wells with an accompanying salt water disposal well in 2014.
Frank C. Ingriselli, President and CEO of the Company, commented, "Having acquired what we believe to be highly attractive acreage in the heart of the core Wattenberg Area and its extension, we are pleased to now commence our development plans and carry out an aggressive drilling program for 2014 and beyond. As we have demonstrated with our already existing Niobrara wells which we completed last year, we will strive to be one of the low cost and economically efficient operators in the basin, and continue to seek to deliver positive well results and cash flow to our mineral interest partners and shareholders."
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