(2) more SEC filings out for 10th Sept yet not showing on TD Ameritrade sight???
Pacific Energy Development Announces Development Plan for Recently Acquired Assets in the Permian Basin
Significant Horizontal Infill Opportunities in Prolific San Andres Formation
Houston, Texas, Monday, September 10, 2018 – PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE American: PED)
(the “Company") today
announced its development plan for its recently acquired assets located in the Chaveroo an Milnesand fields (the “Assets”) of the prolific San Andres play in the Northwest Shelf of the Permian Basin situated in West Texas and eastern New Mexico. This plan has been developed over the past 10 months as the Company evaluated these Assets prior to the acquisition which closed on August 31, 2018. Currently, the Company has initiated a fast-track development plan which includes a phase one program of drilling, completing and evaluating the results of an initial 4 horizontal wells over the next 3 to 6 months. Phase two of the
program contemplates the drilling and completion of 12 additional horizontal wells in 2019.
Over 440 vertical San Andres wells have been drilled on 40-acre spacing in these two fields and recovered 48 million barrels of oil equivalent with an estimated 600 million barrels of oil equivalent remaining in place. The Company’s plan calls for infill drilling with horizontal wells to bring the spacing down to 20 acres and thus convert proved undeveloped reserves to proved developed producing reserves, as well as converting probable and possible reserves to proved reserves.
Leveraging historical production data and existing infrastructure within the field, including roads, power, and water disposal facilities acquired by the Company, the Company has identified over 150 well locations for horizontal infill development targeting the main pay zone of the San Andres reservoir which has a net thickness in excess of 100 feet across these Assets. The Company owns an approximate 100% working interest and an approximate 80% net revenue interest across these Assets.
The Company is also pleased to announce the addition of Mr. Clayton Riddle as the Company’s new Vice President, Development, and Mr. Kevin Goebel as the Company’s new Operations Manager, both of whom have extensive relevant experience in the development, modern horizontal drilling and completion techniques as well as operational management of San Andres assets through their prior employment with a private San Andres focused operator. Mr. Riddle and Mr. Goebel also have extensive experience in the D-J Basin in Colorado where the Company’s other primary assets are located.
J. Douglas Schick, President of the Company, stated, “We have spent a long time evaluating multiple opportunities in the San Andres and we believe these Assets ideally fit our strategy. We believe this acquisition and development plan will transform our Company into one of the key players in the horizontal San Andres play. It offers us a unique opportunity to horizontally down space two main pay fields, which is a rarity in legacy San Andres assets. We have strategically
assembled a multi-disciplinary technical and operations team with experience centered on the horizontal San Andres play and we are confident we will successfully develop these Assets and significantly increase production in the near term.”
