PEDEVCO Corp. d/b/a Pacific Energy Development says that drilling operations are expected to commence this week on the seven new Wattenberg horizontal wells in which the Company elected to participate for its full 25% working interest in each well. As previously reported, these wells will be drilled and completed by a third party operator in the Wattenberg Area of Weld County, Colorado.
These seven wells are located in the same section as three of the Company's producing wells where it participated and which wells, as previously reported, had initial production rates in excess of 500 BOE/d.
Furthermore, the Company is pleased to announce that it has elected to participate for its full working interest in an eighth horizontal well recently drilled and currently awaiting completion by a third party operator in the Wattenberg Area of Weld County, Colorado. This well, in which the Company has a 4.4% working interest, is expected to be completed within the next 30 days, and is in the same section as the State Antelope wells operated by Bonanza Creek.