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PDC Energy Announces 2013 Third Quarter Results: Solid Wattenberg Production; Initial Production From Wattenberg 16-Wells Per Section Downspacing Project Outperforming Type Curves; Strong Production From First Horizontal Washington County Utica Well

Stocks in this article: PDCE

DENVER, October 31, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported its 2013 third quarter financial and operating results from continuing operations.

Third Quarter 2013 Highlights

  • Achieved 29% production growth from the third quarter of 2012 to 18,600 barrels of oil equivalent ("Boe") per day ("Boe/d")  
  • Successfully drilled, completed and initiated production in late September on the Company's Wattenberg Field 16-wells per section downspacing project for an average cost of approximately $4.2 million per well; initial production from first eight wells on the downspacing project outperforming established type-curves  
  • Established first production from Garvin #1H, the Company's first horizontal well on its southern Utica acreage in Washington County, Ohio, with a flow rate of 1,530 Boe/d on a 20/64 choke (54% liquids assuming full ethane recovery)  
  • Completed public offering of 5,175,000 common shares for net proceeds of approximately $276 million  
  • Company added to Russell 2000 Index

James Trimble, Chief Executive Officer and President, commented, "We are very excited about the Garvin well in Washington County, Ohio, based on early production and pressure data. The Garvin is our first horizontal Utica well on our southern acreage in the play. We are equally excited about the production results we are seeing in our Wattenberg downspacing project. We anticipate strong production in the fourth quarter with the Wattenberg and Utica wells coming on-line and expect to be within our full-year production guidance range of 19,200 to 20,500 Boe per day."

Third Quarter 2013 Results

Net loss for the third quarter of 2013 was $16.0 million, or $0.48 per diluted share, compared to a net loss of $32.6 million, or $1.08 per diluted share, in the third quarter of 2012. Adjusted net loss, a non-GAAP financial measure defined below, was $2.3 million for the third quarter of 2013, which included a non-recurring pre-tax impairment of $3.8 million, compared to an adjusted net loss of $4.8 million for the same 2012 period. Net cash from operating activities was $77.5 million for the third quarter of 2013, compared to net cash from operating activities of $57.5 million for the same 2012 period. Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $36.7 million for the third quarter of 2013, compared to $34.2 million in the same 2012 period.

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