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., has spudded the first of three back-to-back wells on its Wattenberg Asset. The company will operate the wells.
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 frack 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 five 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 as operator following its recent acquisition of the Wattenberg asset.
The company is based in Danville, Calif.
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