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News Breaks | | | | September 19, 2012 | | 09:04 EDT |  | PDCE | PDC Energy updates operational activities in the Utica Shale
PDC Energy announced the company is pursuing development of its Utica Shale position in southeast Ohio independently and is no longer actively seeking a joint venture, or JV, partner to develop the play. The company received various joint ownership and development proposals from interested potential JV partners in August and early September, 2012 and has determined that the proposals do not meet PDC's value expectations. PDC believes that developing its approximate 45,000 net acre Utica position on a standalone basis will produce greater long-term value, particularly given the very high initial production rates and high liquids content from recent well results announced by other E&P companies in close proximity to the Company's acreage positions. While the 2013 budget is not finalized, the Company anticipates it will invest approximately $50M in the Utica next year which is expected to be funded from cash flow and borrowings under its revolving credit facility. The emerging Utica play is exceeding the company's expectations in several key areas including initial production rates, liquids mix, the pace of de-risking, and the delineation of the gas condensate window of the play which encompasses a substantial portion of PDC's leasehold position. | |
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News For PDCE From The Last 14 Days Check below for free stories on PDCE the last two weeks. |
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| June 11, 2013 | | 09:20 EDT | | PDCE | PDC Energy appoints Barton Brookman as COO
PDC Energy announced the appointment of Barton Brookman to executive vice president and COO. Prior to PDC, Brookman worked for Patina Oil and Gas. | | | 07:36 EDT |  | PDCE | Independent Petroleum Association of America to host a conference
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