Pacific Energy Development remains on schedule to commence drilling operations in mid-August 2014 on its initial 3 horizontal wells to be drilled and completed in its recently acquired Wattenberg Asset located in Weld County, Colorado.

The Company has identified all key service providers, and has cash on hand and an established drilling credit line necessary, to drill and complete these wells as scheduled.

The Company plans to drill these wells from a single pad at an estimated gross cost of approximately $4.2 million per well with an approximately 45% net working interest in each, with each well planned to receive an 18 stage enhanced frac treatment with lateral lengths between 4,000 and 4,500 feet, and with completion and initial results expected to be available in mid-October 2014.

Tags: Pacific Energy Development