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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

Effective July 1, 2013, PDC was added to the Russell 2000 Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes. Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies.

Third Quarter 2013 Operations Update

On the Company's southern Utica acreage in Washington County, Ohio, PDC initiated production from its Garvin #1H well to a long-term midstream provider in mid-October. The well was rested for 60 days after completion operations were finished in mid-August. The Company began testing the well with a 12/64 choke for the first several days, increasing the choke size over the next four days to a 20/64 choke on the well's eighth day of production. On the 20/64 choke over a 24-hour period, the well produced approximately 5.2 million cubic feet of natural gas and 183 barrels of condensate. PDC estimates natural gas liquids, assuming full ethane recovery, over the 24-hour period to be 655 barrels for a combined three-stream total of 1,530 Boe/d, consisting of 54% liquids.

PDC began initial testing of its Stiers three-well pad in Guernsey County, Ohio during the third quarter. Early production testing and pressure data from the three wells are very positive although testing has been constrained by the limited capacity of an existing low-pressure midstream gathering system. The Company anticipates the Stiers pad will be connected to a long-term midstream facility in early November.

In the Wattenberg Field, the Company recently initiated production on its 16-wells per section downspacing project (known as the Waste Management Section). Drilling on this project was completed in early October and eight of the 16 wells are currently on production. Initial production from the four Codell wells has been tracking above the Company's established Codell type curve and production from the four Niobrara wells has been tracking between the Company's outer core and middle core Niobrara type curves. The remaining eight wells are expected to be on production in early November.

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