Pacific Energy Development Begins Loomis Wells Completion Operations
DANVILLE, CA--(Marketwired - November 20, 2014) - PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED), an energy company engaged in the acquisition and development of strategic, high-growth energy projects in the U.S., announced today that the Company has commenced completion operations, including hydraulic fracturing and flowback, on its three recently drilled Loomis wells.
These three wells, the Loomis 2-1H, Loomis 2-3H, and Loomis 2-6H wells, are part of the Company's recent 3-well pad drilling program on the Company's D-J Basin asset located in Weld County, Colorado. The Company is the operator of these wells, and has an approximately 49.7% working interest in each. The three wells are being fracked sequentially using different completion designs to determine optimal stage spacing, sand volume, and well spacing. Sand volumes vary between 950 to 1200 lb/ft., and stage spacing ranges from 160 feet to 250 feet per stage. Hydraulic fracturing is expected to be completed next week, followed by flowback, with the Company's announcement of initial results anticipated in mid-December.
For more details on the Loomis wells and the Company's Q3 results, please refer to the Company's recent conference call. An archive of the call is available on the Company's website at www.pacificenergydevelopment.com under Investors.
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSE MKT: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects, including shale oil and gas assets, in the United States. The Company's principal assets include its Denver Julesburg (D-J) Basin Asset located in Weld and Morgan Counties, Colorado, and its Mississippian Asset located in Comanche, Harper, Barber and Kiowa Counties, Kansas. The Company has also previously announced its entry into an agreement to acquire an indirect 5% interest in a 380,000 acre producing asset located in the Pre-Caspian Basin, one of the largest producing basins in Kazakhstan. Pacific Energy Development is headquartered in Danville, California, with an operations office in Houston, Texas.