Pacific Energy Development Announces Commencement of Drilling This Week on Seven New Wattenberg Wells
Will Also Participate in Additional Wattenberg Well
DANVILLE, CA--(Marketwired - July 20, 2015) - PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) (the "Company") announced today that drilling operations are expected to commence this week on the seven new Wattenberg horizontal wells in which the Company elected to participate for its full 25% working interest in each well. As previously reported, these wells will be drilled and completed by a third party operator in the Wattenberg Area of Weld County, Colorado. These seven wells are located in the same section as three of the Company's producing wells where it participated and which wells, as previously reported, had initial production rates in excess of 500 BOE/d.
Furthermore, the Company is pleased to announce that it has elected to participate for its full working interest in an eighth horizontal well recently drilled and currently awaiting completion by a third party operator in the Wattenberg Area of Weld County, Colorado. This well, in which the Company has a 4.4% working interest, is expected to be completed within the next 30 days, and is in the same section as the State Antelope wells operated by Bonanza Creek. The State Antelope 34-12-1XRLNB well, which lies partially in the same section, averaged production of 615 barrels of oil per day and 1,086 mcf of gas per day over the first 30 days, and produced 66,242 barrels of oil and 172,701 mcf of gas in its first six months.
Commenting on these operations, Mr. Frank Ingriselli, the Company's Chairman and Chief Executive Officer, stated: "We are very excited to commence drilling operations on the seven new Wattenberg wells, and additionally participate in the State Antelope well given the success of other State Antelope wells in this section and adjacent ones. We look forward to continuing to develop our acreage through the drilling and completion of our operated wells, and through participation with other experienced operators in the D-J Basin."
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 asset is its D-J Basin Asset located in the D-J Basin in Colorado. Pacific Energy Development is headquartered in Danville, California, with an operations office in Houston, Texas.
Cautionary Statement Regarding Forward Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The Company operates in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statements. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the SEC.