PDC Energy Announces 2013 Capital Budget Of $324 Million And Production Guidance Of 55 To 57 Bcfe; Successful Initial Utica Shale Results; Update Of Activity In The Wattenberg Field And Marcellus Shale
PDCM, the Company's 50-50 joint venture in the Appalachian Basin, recently completed a three-well pad in Harrison County, West Virginia, which was hooked up to sales in mid-November of 2012. The three-well pad came on-line at an initial 24-hour combined rate of approximately 19 million cubic feet ("MMcf") per day of natural gas. PDCM anticipates the resumption of drilling in Harrison County in the first quarter of 2013 in response to well performance in that area and improving natural gas prices.
James Trimble, President and Chief Executive Officer, stated, "We are very excited with the results from our first horizontal well in the Utica Shale in Ohio. The Onega Commissioners well is estimated to be approximately 79% liquids and has the potential to be one of the highest return wells in the Company's history. Based on our early production, geological data and other reported industry results, we believe the Utica Shale will complement our success in the Wattenberg Field and provide PDC with a significant additional organic growth platform to continue our transition to a more balanced portfolio of oil and natural gas production and reserves. Our horizontal Wattenberg development continues to be very successful. The early performance of our recently drilled Codell wells and downspacing initiatives set the stage for a significant increase in recoverable reserves in this resource-rich field. Our 2013 budget should allow us to accelerate development of our substantial leasehold position in the predictable liquid-rich Wattenberg Field and further de-risk and delineate our Utica Shale position."Upcoming Industry Conference Participation PDC management is scheduled to present at the BMO's 10th Annual Unconventional Resource Conference in New York, New York on Tuesday, January 8, 2013. Please see the Company's website at www.pdce.com for full details. About PDC Energy, Inc. PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquids-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale development in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.
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