PEDEVCO Corp. (dba Pacific Energy Development) (OTCBB:PEDO) an energy company focusing on shale oil and gas development and production in the United States and Asia, today announced the drilling of two new wells on its Niobrara asset located in northeastern Colorado.
The State 16-7-60 1H horizontal well, located in Weld County, Colorado, has reached a total vertical depth of approximately 6,260 feet with a total measured depth of approximately 10,630 feet. The Wickstrom 18-2H horizontal well, located in Morgan County, Colorado has commenced drilling and is targeted to reach to a total vertical depth of approximately 6,100 feet with a total measured depth of approximately 14,700 feet.
The Company currently has three producing wells on its Niobrara asset which covers an area of 10,224 gross acres in Weld and Morgan Counties, Colorado. The State 16-7-60 1H and the Wickstrom 18-2H wells are the Company’s fourth and fifth wells drilled on the Niobrara asset. For more information on the Company, please visit the Company's corporate website at www.pacificenergydevelopment.com.
About PEDEVCO Corp. (d/b/a Pacific Energy Development)
Pacific Energy Development (OTCBB:PEDO) 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 and Asia. The Company’s principle assets include its Niobrara asset located in the DJ Basin in Colorado, its Eagle Ford asset in McMullen County, Texas, its North Sugar Valley asset located in Matagorda County, Texas, and the recently acquired Mississippian asset located in Comanche, Harper, Barber and Kiowa Counties, Kansas. Pacific Energy Development is headquartered in Danville, California, and also has an office in Beijing, China.
Statements in this release that are not historical facts, including but not limited to those related to timing of drilling, the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, and other statements that are not historical facts are forward-looking statements that are based on current expectations. Although Pacific Energy Development believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include results of wells and production testing, performance of rig operators and gathering systems, actions by governmental authorities, industry partners, market and other conditions, availability of well connects, ability to raise capital and capital needs and uses, commodity price changes, effects of the global economy on exploration activity, results of and dependence on exploratory drilling activities, operating risks, right-of-way and other land issues, availability of capital and equipment, weather, and other risks described in Pacific Energy Development’s Form 10-K for the year ended December 31, 2012 and its other filings with the U.S. Securities and Exchange Commission. There can be no assurance any financing matter or transaction described in this press release will occur on the terms or timing described, or at all.
Pacific Energy Development
Bonnie Tang, 1-855-733-3826 Ext 21 (Media)
Liviakis Financial Communications, Inc.
John Liviakis, 415-389-4670 (Investor Relations)