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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.
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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