Pacific Energy Development Announces Completion of Drilling of Loomis 2-6H Well
DANVILLE, CA--(Marketwired - October 07, 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 successfully completed the drilling of the Loomis 2-6H well, the third well of a three well-pad drilling program on its Wattenberg Asset that began in August 2014.
The drilling of the first two wells, the Loomis 2-1H and Loomis 2-3H, was completed in September.
The Loomis 2-6H well reached a total measured depth of 11,335 feet, with a 6,297 foot total vertical depth and 4,200 foot completed lateral length through the Niobrara "B" Bench, with Niobrara "B" Bench chalk present across the entire well bore with a thickness of approximately 45 feet, and drill cuttings from the well bore evidencing highly prolific oil rich shale reservoir rock. With drilling now successfully completed, the Company plans to frac all three Loomis pad wells sequentially, applying different completion designs to determine optimal stage spacing, sand volume, and well spacing. Sand volumes are planned to vary between 950 to 1200 lb/ft., and stage spacing is anticipated to range from 160 feet to 250 feet per stage. Pressure will be monitored in offsetting wells to verify planned well spacing, and we will closely monitor production results. Using this information, the Company will seek to apply the most effective techniques to its remaining 2014 and 2015 drilling program.
The Company has an approximately 49.7% net working interest in each of these wells, and plans to commence completion operations, including fracing and flowback, of these three wells in the latter part of October 2014, with initial results expected to be available in early November 2014.
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, 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.
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.