DANVILLE, CA--(Marketwired - August 19, 2014) - PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED), an energy company engaged in the acquisition and development of strategic high-value energy projects in the U.S., announced today 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 $4.2 million 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, LLC 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.
The Company will be hosting a conference call today at 1:30 PM Pacific Time / 4:30 PM Eastern Time to discuss the second quarter earnings results and provide an operational update.
Conference call details:
Date: Today - August 19, 2014 (Tuesday)
Time: 1:30 PM PT / 4:30 PM ET
Dial-in: 877-407-6914 (toll free) or 201-493-6709 (international)
Webcast: Available via Company's website at www.pacificenergydevelopment.com
The call will be archived on the Company's website under the Investors page shortly following the call for approximately 90 days.
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 recently acquired Wattenberg asset and Niobrara asset located in the DJ Basin in Colorado, its Mississippian asset located in Comanche, Harper, Barber and Kiowa Counties, Kansas and its North Sugar Valley asset located in Matagorda County, Texas. 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.
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, 2013. 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.