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August 19, 2014
08:38 EDTPEDPacific Energy Development commences drilling of 3 wells on Wattenberg Asset
PEDEVCO Corp. d/b/a Pacific Energy Development announced that the company has spudded the first of three back-to-back wells on its Wattenberg Asset that will be operated by the company. The drilling and completion schedule for these initial three wells is on target, with the spudding of the second and third wells planned to follow in immediate succession. The company plans to drill these wells from a single pad at an estimated gross cost of approximately $4.2M per well. Each well is planned to receive an 18 stage enhanced frac treatment with lateral lengths between 4,000 and 4,500 feet. The company expects completion and initial results to be available in late-October 2014. PEDEVCO has an approximately 49.7% net working interest in each well. The company currently operates 11 wells in its recently acquired Wattenberg Asset, and operates 5 additional wells through its subsidiary Condor Energy Technology in its Niobrara Asset. These three new wells will be the company's first wells to be drilled and completed by the company as operator following its recent acquisition of the Wattenberg Asset.
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