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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.
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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