PEDEVCO Corp., doing business as Pacific Energy Development, will participate in wells that will be drilled and completed by a third party operator in the Wattenberg Field in the Denver-Julesburg Basin, the company said June 22. The company has 25% working interest in the planned wells.
The seven Pronghorn wells are scheduled to begin drilling this month, in the same area of Weld County, Colo., where the three Pronghorn wells operated by Bonanza Creek are. PEDEVCO has a 25% working interest in those wells, the company added.
The three Pronghorn wells yielded 24-hour IP rates of of 529.2 barrels of oil equivalent per day (boe/d), or 459bbl of oil and 421 thousand cubic feet per day (Mcf/d) of natural gas; 556.2boe/d, or 458.7bbl of oil and 585Mcf/d of gas; and 542.6boe/d, or 459.2bbl of oil and 500Mcf/d of gas.
The seven planned horizontal wells will be funded through an arrangement with Sweden’s Dome Energy AB. PEDEVCO and Dome entered an agreement and reorganization plan. Other parties might be part of the funding arrangement, the company said.
Chairman and CEO Frank Ingriselli said the funding arrangement with Dome has the goal of allowing PEDEVCO to not have any out-of-pocket expenses.
PEDEVCO Corp. is based in Danville, Calif.
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