IP Rate of Third Niobrara Well
March 7, 2013 -- PEDEVCO Corp., d/b/a Pacific Energy Development (OTCBB:PEDO) (the "Company"), announced today that its third horizontal well, the Logan 2H well, located in Weld County, Colorado, has tested at an initial production rate of 522 bopd and 360 mcfgpd (585 boepd) from the Niobrara “B” Bench target zone. The well is operated by the Company’s joint venture partner, Condor Energy Technology LLC (“Condor”). Condor spudded the Logan 2H well on November 30, 2012 and drilled to 12,911 feet measured depth (6,112 true vertical foot depth) in nine days. The 6,350 foot lateral section was completed in 25 stages by Halliburton on January 21, 2013.
Condor’s first two horizontal wells in Weld County, Colorado, the FFT2H well completed in July 2012 and the Waves 1H well completed in February 2013, tested at initial production rates of 437 boepd and 588 boepd, respectively, from the Niobrara “B” Bench target zone.
Frank C. Ingriselli, the Company's President and CEO commented, "We are very pleased that our most recent Waves 1H and Logan 2H horizontal wells in the Niobrara have been successfully completed, were each under AFE budget and are now on production. We look forward to further execution of our 2013 development program and continuing to drive down our drilling and completion costs, optimize our completion operations, and maximize production and resource recovery."
For more information on the Company, please visit the Company's corporate website at www.pacificenergydevelopment.com
