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Stock Market & Financial Investment News

News Breaks
January 22, 2014
09:10 EDTPEDPacific Energy Development agrees to acquire 28,727 net acres in Nibrara Shale
Pacific Energy Development announced its entry into a definitive agreement to purchase an interest in 40 wells and approximately 28,727 net acres in the DJ Basin, Colorado from an independent U.S. oil and gas company, including approximately 2,200 net acres in the prolific Wattenberg Area. The acreage, in the Niobrara Shale Formation, includes approximately 28,241 net acres located in Weld County, Colorado and approximately 486 net acres located in Morgan County, Colorado. Of these 40 wells, 11 are operated, 14 are non-operated, and the Company will have an after-payout interest in 15. Estimated average production of the 11 operated and 14 non-operated wells was approximately 400 net barrels of oil equivalent per day as of September 2013. The purchase will have an effective date of December 1, 2013, with closing anticipated to occur in mid-February, subject to the satisfaction of certain customary closing conditions. The company will pay approximately $30M in cash, subject to customary adjustments.
News For PED From The Last 14 Days
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October 14, 2014
08:39 EDTPEDPacific Energy Development acquires additional acreage in Wattenberg Core
PEDEVCO Corp. d/b/a Pacific Energy Development announced that the company acquired an additional 863.61 net acres in Weld County, Colorado, approximately 857.9 net acres of which are located in the prolific Wattenberg core area, as well as a number of general business initiatives related to the company's rapid growth trajectory. The company acquired the additional Wattenberg core acreage from Continental Resources in exchange for the company's assumption of approximately $73,000 in certain ad valorem tax liabilities from Continental with respect to certain operated wells the company acquired from Continental in March. In addition, on October 9, Continental paid to the company approximately $483,000 cash to reflect certain final post-closing adjustments in connection with the company's March acquisition. With the addition of this new Wattenberg core acreage, the company now holds approximately 14,132.5 net acres in its Wattenberg asset, with interests in 45 horizontal wells, 11 of which are operated by the company and currently producing, with an additional 3 operated wells recently drilled and currently awaiting completion in late-October, 16 non-operated wells, and 15 wells in which the company has an after-payout interest. The company is currently preparing to commence completion operations on its recently drilled three well-pad Loomis wells, with initial results expected to be available in early November.

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