Pacific Energy Development releases initial production rate of Niobrara well

PEDEVCO Corp., d/b/a Pacific Energy Development (OTCBB:PEDO) has released test results from its second horizontal well, the Waves 1H well, located in Weld County, Colorado, prospective for the Niobrara formation.

The well has tested at an initial production rate of 528 bopd and 360 mcfgpd (588 boepd) from the Niobrara “B” Bench target zone. The well is operated by the company’s joint venture partner, Condor Energy Technology LLC. Condor spudded the Waves 1H well on November 19, 2012 and drilled to 11,114 feet measured depth (6,200 true vertical foot depth) in eight days. The 4,339 foot lateral section was completed in 18 stages on February 1, 2013.

Condor’s first horizontal well in Weld County, Colorado, the FFT2H well, tested at an initial production rate of 437 boepd from the Niobrara “B” Bench target zone. This first well was spudded in April 2012 and drilled to a total combined vertical and horizontal depth of 11,307 feet, with completion operations concluding in July 2012.

On November 30, 2012, Condor spudded its third horizontal well, the Logan 2H well, in Weld County, Colorado. Drilling of the well was completed on December 8, 2012, to a true vertical depth of approximately 6,150 feet, and a total horizontal length of approximately 6,350 feet in the Niobrara “B” Bench target zone. Condor completed hydraulic fracturing operations on this well in January 2013, and plans to finish completion operations and commence flow testing in mid-February 2013.

Frank C. Ingriselli, the company's president and CEO commented, "We are pleased to be able to execute on our 2013 development program in the Niobrara formation, and are encouraged that the knowledge we gained from drilling and completing our initial FFT2H well in the Niobrara formation is proving beneficial to us as we seek to drive down our drilling and completion costs, optimize our completion operations, and maximize production and resource recovery."

PEDEVCO Corp., d/b/a Pacific Energy Development 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 and Pacific Rim countries. The company's producing assets include its Niobrara asset located in the DJ Basin in Colorado, the Eagle Ford asset in McMullen County, Texas, and North Sugar Valley Field located in Matagorda County, Texas. The company is headquartered in Danville, California, and also has an office in Beijing, China.


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