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.
Recommended Reading
Google Exec: More Collaboration Needed for Clean Power
2024-04-17 - Tech giant Google has partnered with its peers and several renewable energy companies, including startups, to ramp up the presence of renewables on the grid.
Enough! Consumers Say They’re Overserved on Energy Transition, EY Finds
2024-02-11 - Two thirds of energy consumers are unwilling to spend more time and money to be sustainable, Ernst & Young reported.
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Baker Hughes Makes Flare Emissions Breakthrough
2024-03-14 - Baker Hughes has developed a new application for flare.IQ, its emissions abatement technology.
Identified Need: Hydrogen Safety Standards in an Emerging Sector
2024-03-22 - Establishing fire protection measures remains critical for industry growth.