Oct. 24, 2013
/PRNewswire/ -- S&P Capital IQ announced today that it has commenced
S&P Capital IQ's Factual Stock Report coverage on PEDEVCO Corp
PEDEVCO Corp., d/b/a Pacific Energy Development (NYSE-MKT: PED), is an energy company engaged in the acquisition and development of strategic, high-growth energy projects, including shale oil and gas assets, in
the United States
. The company's principal assets include its Niobrara asset located in the Denver-Julesberg Basin in
; its Mississippian asset located in
; its Eagle Ford asset in
McMullen County, Texas
; and its North Sugar Valley asset located in
Matagorda County, Texas
. The company has recently announced an agreement to acquire a producing asset located in the Pre-Caspian Basin,
. PEDEVCO is headquartered in
, with offices in
The company plans to focus initially on developing shale oil and gas assets held by PEDEVCO in
the United States
. Subsequently, the company plans to seek additional shale oil and gas and conventional oil and gas asset acquisition opportunities in
the United States
utilizing its strategic relationships and technologies that may provide the company a competitive advantage in accessing and exploring such assets.
, PEDEVCO announced that its fourth horizontal well on the Niobrara asset has tested a peak production rate of 972 bopd and 800 mcfgd (1,105 boepd) from the Niobrara "B" Bench target zone. Its fifth well, the Wickstrom 18-2H well, has tested at an initial production rate of 414 bopd and 408 mcfgd (482 boepd) from the Niobrara "B" Bench target zone. PED has five producing wells on its 10,224 gross acres Niobrara asset, located in
, PEDEVCO also announced the entry into
through an agreement to acquire an approximate 34% indirect interest in Aral Petroleum Capital Limited Partnership, a
entity which holds a 100% operated working interest in a production license covering the contract area issued by the Republic of
that expires in 2035 in western
from Asia Sixth Energy Resources Ltd. The Contract Area includes the producing areas of the East Zhagabulak field and covers 380,000 acres within the North Block located in the Pre-Caspian Basin. This basin is the largest producing basin in
S&P Capital IQ's Factual Stock Report coverage on PEDEVCO Corp.
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