Pacific Energy Development (NYSE MKT: PED) has acquired 863.61 net acres in Weld County, Colo., approximately 857.9 net acres of which are located in the prolific Wattenberg core area.
The company also closed a Wattenberg asset acquisition with Continental Resources Inc. (NYSE: CLR) in exchange for its assumption of about $73,000 in certain ad valorem tax liabilities from Continental with respect to certain operated wells already acquired from Continental in March 2014. In addition, Continental paid Pacific Energy $483,000 thousand cash to reflect certain final post-closing adjustments in connection with the March 2014 acquisition.
Pacific Energy now holds approximately 14,132.5 net acres in its Wattenberg asset, with interests in 45 horizontal wells, 11 of which are operated by the company and currently producing, with an additional three operated wells (the Loomis wells) recently drilled and currently expecting completion in late October. There are also 16 non-operated wells and 15 wells in which the company has an after-payout interest. Pacific Energy is currently preparing to commence completion operations on its recently drilled three well-pad Loomis wells, with initial results expected to be available in early November 2014.
The company also announced that chief financial officer Michael Peterson was promoted to president of the company, in addition to his current title.
Pacific Energy is based in Danville, Calif.
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