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April 1, 2014
08:46 EDTPEDPacific Energy Development announces drilling plans for Wattenberg Asset
Pacific Energy Development announced that it plans to participate in the drilling of its first four wells in the Wattenberg Extension Area acreage, or Wattenberg Asset, 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 and completed in March, and are expected to be on full production in April. The company expects further results of these wells to be available before the end of April. 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.
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