Pacific Energy Development has spudded the first of three back-to-back wells on its Wattenberg Asset that will be operated by the Company.
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 frac 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.