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March 10, 2014
08:39 EDTPEDPacific Energy Development acquires 14K net acres, 40 wells in Niobrara Shale
PEDEVCO Corp. doing business as Pacific Energy Development announced the following: The closing of the previously announced acquisition of approximately 28,000 net acres in Wattenberg and Wattenberg Extension in Colorado. The entering of a joint venture with RJ Resources for a 50% working interest on the project going forward, resulting in 14,000 net acres to the company The closing of a $34.5M loan to facilitate the purchase of the Colorado acreage. Establishment of a $15.5M drilling facility for the development of the new Colorado acreage. The issuing of 3.44M shares of common stock through an underwritten registered shelf offering for gross proceeds to the company of $7.39M. The cancellation of 3.33M shares of common stock resulting in 26.31M shares issued and outstanding. The company announced that it has successfully completed the previously announced acquisition of an interest in 40 wells and approximately 28,000 net acres in the DJ Basin, Colorado from an independent U.S. oil and gas company. The acreage acquired in the Niobrara Shale Formation is almost entirely located in Weld County, Colorado, including some acreage in the prolific Wattenberg Area. Of the 40 wells in which interests were acquired, 11 are now operated by the Company, 14 are non-operated, and the Company will have an after-payout interest in the remaining 15 wells. The purchase had an effective date of December 1, 2013. The company paid approximately $28M in cash, reflecting oil and gas production credited to the company since the December 1, 2013 effective date, and certain other adjustments.
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