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Pacific Energy to acquire 14,000 net acres and 40 wells in the Niobrara Shale Formation


Published Mar 11, 2014
Pacific Energy Development-2

Pacific Energy Development, an energy company engaged in the acquisition and development of strategic high-value energy projects in the U.S. and Asia, announced the following:

◾ The closing of the previously announced acquisition of approximately 28,000 net acres in Wattenberg and Wattenberg Extension in Colorado ◾ The entering of a joint venture with RJ Resources for a 50% working interest on the project going forward, resulting in 14,000 net acres to the Company ◾ The closing of a $34,500,000 loan to facilitate the purchase of the Colorado acreage ◾ Establishment of a $15,500,000 drilling facility for the development of the new Colorado acreage ◾ The issuing of 3,438,500 shares of common stock through an underwritten registered shelf offering for gross proceeds to the Company of $7,392,775 ◾ The cancellation of 3,333,333 shares of common stock resulting in 26,309,011 shares issued and outstanding

Tags: Pacific Energy Development




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