Pacific Energy Development Announces Initial Production Rates of Fourth and Fifth Niobrara Wells
September 16 2013 - 7:30AM
Business Wire
Pacific Energy Development (NYSE MKT: PED) announced today that
its fourth horizontal well, the State 16-7-60 1H well, located in
Weld County, Colorado, has tested at an initial production rate of
480 barrels of oil per day (bopd) and 360 thousand cubic feet of
gas per day (mcfgpd) (540 barrels of oil equivalent per day
(boepd)), during a 4-hour test of the Niobrara “B” Bench target
zone. Following removal of a down hole sand screen which was
restricting flow, the well reached a peak production rate of 972
bopd and 800 mcfgd (1,105 boepd), during a 4-hour test from the
Niobrara “B” Bench target zone.
The State 16-7-60 1H well is the fourth well the Company has
drilled on its 10,224 gross acre Niobrara asset. The well was
spudded in June 2013, and drilled to a total vertical depth of
approximately 6,260 feet and total measured depth of approximately
10,630 feet. The 4,042 foot lateral section was completed in 16
stages in July 2013.
The Company’s fifth horizontal well, the Wickstrom 18-2H well,
located in Morgan County, Colorado, has tested at an initial
production rate of 414 bopd and 408 mcfgd (482 boepd), during a
4-hour test from the Niobrara “B” Bench target zone. The well was
tested using a limited rate flowback technique to reduce frac sand
entry into the well bore and test the concept of EUR increases
through lower drawdown similar to the practice employed in the
Eagle Ford Shale, resulting in an initial production rate at 80% of
its anticipated full production potential.
The Wickstrom 18-1H well was spudded in June 2013, and drilled
to a total vertical depth of approximately 6,125 feet and total
measured depth of approximately 14,706 feet. The 8,140 foot lateral
section was completed in 33 stages in August 2013. The Wickstrom
18-2H tests the southernmost extent of the Company’s Niobrara
leasehold.
Frank C. Ingriselli, the Company's President and CEO, commented,
“We are very pleased with the initial production rate of the State
16-7-60 1H and Wickstrom 18-2H wells. These outstanding results
reflect our careful and diligent efforts during initial site
selection and our continued focus on optimizing our drilling
program so as to maximize recovery of oil and gas while at the same
time driving cost efficiencies as we continue on our commercial
development of this asset.”
The Company is hosting a conference call and webcast to provide
an operational update today, Monday, September 16, 2013 at 1:15pm
Pacific Time.
Conference call details:
Date: September 16, 2013 (Monday)
Time: 1:15 p.m. PT / 4:15 p.m. ET
To participate by phone, please dial (877) 312-5443 (U.S. and
Canada); +1 (253) 237-1126 (international). Conference number:
58815931.
To listen to the live audio webcast and submit questions, please
visit Pacific Energy Development’s website at
www.pacificenergydevelopment.com.
For more information on the Company, please visit the Company's
corporate website at www.pacificenergydevelopment.com.
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp., d/b/a Pacific Energy Development (NYSE MKT: 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 Eagle Ford asset in McMullen County,
Texas, and the Mississippian asset located in Comanche, Harper,
Barber and Kiowa Counties, Kansas. 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. Forward-looking statements include, without limitation,
the timing of the commencement of trading on the NYSE MKT. 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, 2012. 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.
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