Pacific Energy Development Announces Completion of Drilling of Loomis 2-1H Well and Commencement of Drilling of Loomis 2-3H Well on Its Wattenberg Asset
DANVILLE, CA--(Marketwired - September 08, 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 successfully completed the drilling of the first of three back-to-back wells on its Wattenberg Asset, the Loomis 2-1H well, and the spudding of the second of three wells, the Loomis 2-3H well, on September 5, 2014.
The Loomis 2-1H well reached a total measured depth of 11,365 feet, with a 6,287 foot total vertical depth and 4,165 foot total 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.
The Company is drilling these three wells from a single pad at an estimated gross cost of approximately $4.2 million per well. Following the drilling of these three wells, each of the first two wells is planned to receive an 18 stage enhanced frac treatment, and the third well is planned to receive a 28 stage enhanced frac treatment, all with lateral lengths between 4,000 and 4,500 feet. The Company expects completion and initial results of these three wells to be available in late-October 2014. The Company 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.
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.