Pacific Energy Development (NYSE MKT: PED) (the "Company") announced today that drilling operations are expected to commence this week on the seven new Wattenberg horizontal oil 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. The State Antelope 34-12-1XRLNB well, which lies partially in the same section, averaged production of 615 barrels of oil per day and 1,086 mcf of gas per day over the first 30 days, and produced 66,242 barrels of oil and 172,701 mcf of gas in its first six months.
Commenting on these operations, Mr. Frank Ingriselli, the Company's Chairman and Chief Executive Officer, stated: "We are very excited to commence drilling operations on the seven new Wattenberg wells, and additionally participate in the State Antelope well given the success of other State Antelope wells in this section and adjacent ones. We look forward to continuing to develop our acreage through the drilling and completion of our operated wells, and through participation with other experienced operators in the D-J Basin."