PEDEVCO Corp., doing business as Pacific Energy Development (NYSE MKT: PED), announced Jan. 13 the production rate from its first Loomis well in the Niobrara Shale.

The Danville, Calif.-based company said the Loomis 2-6H horizontal well in Weld County, Colo., tested at an initial production rate of 540 barrels per day (bbl/d) of oil and 300 thousand cubic feet (Mcf) of gas, or 590 barrels of oil equivalent per day (boe/d). The production rate doubles the net production rate of the company.

The well reached a total measured depth of 11,335 feet, with a 6,29-foot total vertical depth and 4,694-foot lateral length, and with 25 frack stages through the Niobrara "B" Bench target zone.

The Loomis 2-6H well is the first of three new horizontal wells recently completed by the company from a single pad. The company has about an 49.7% net working interest in the well, which came in under budget at below $4 million.

The company expects to release initial production rates for the second and third Loomis wells over the next several days.

Frank C. Ingriselli, chairman and CEO, said in a statement, "We are very pleased with the initial production rate from our first of three Loomis wells, as it not only validates our improved completion techniques and value of this acreage, but also more than doubles our current daily net production. We look forward to announcing initial production rates from the second and third Loomis wells within the next several days, which results we anticipate will be consistent with this well, further significantly increasing our net production."