Exploration expense from continuing operations for the first quarter of 2013 was $2 million, unchanged from the first quarter of last year. First quarter 2013 exploration expenses were primarily associated with reservoir studies and exploration general and administrative expenses in the Utica Shale, whereas in the first quarter of 2012, costs were primarily associated with PDC Mountaineer's ("PDCM") geological and seismic testing of the Marcellus Shale, and PDCM's lease prospecting costs.General and administrative expense from continuing operations for the first quarter of 2013 remained flat at $15 million compared to slightly under $15 million for the first quarter of 2012. First quarter 2013 expenses were primarily attributable to an increase in payroll and employee benefits, offset partially by a decrease in professional, consulting and legal costs.
PDC Energy Announces 2013 First Quarter Results; Average Daily Production Increased 19%
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