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PDC Energy Announces 2014 Capital Budget Of $647 Million And 2014 Production Guidance Of 9.5 Million BOE To 10 Million BOE Or Approximately 34% Year-Over-Year Growth; Solid Production Results From Wattenberg Downspacing Test And Ongoing Utica Development

Stocks in this article: PDCE

The Garvin 1H, the Company's first Utica Shale well in Washington County, Ohio, continues to produce on a restricted choke. Gross production, after approximately thirty days of sales, averaged slightly over 100 barrels of condensate per day and nearly 4 million cubic feet per day of high-BTU gas. The Company is actively drilling two offset wells on the Garvin pad which are expected to be completed in early 2014.

The Neill 1H well, located in northwest Washington County, with a 6,000' lateral and 33 frac stages, has been on flowback for over 30 days and continues to recover condensate, high-BTU natural gas and frac load water. The well is exhibiting different frac load recovery characteristics than prior Utica wells. To date, during the cleanup, 24-hour peak hydrocarbon recovery was approximately 327 Boe/d assuming full ethane recovery. The Company expects production to improve as the frac load is recovered.

Operations Update – Marcellus Shale

At its O.E.S. pad in northeast Taylor County, West Virginia, PDCM recently turned all three wells to sales with a gross combined rate of approximately 18 million cubic feet per day of natural gas. The O.E.S. pad helps de-risk a good portion of PDCM's acreage block in this area. PDCM plans to finish drilling four wells at its Armstrong/Reynolds pad in southwestern Taylor County by early 2014 and expects to have the wells turned to sales early in the second quarter of 2014 following completion operations.

CEO Comments

James Trimble, President and CEO, stated, "We expect strong production growth in the fourth quarter 2013 from our Wattenberg, Utica and Marcellus operations. The fourth rig recently arrived in the Wattenberg Field and we anticipate meaningful production growth from both the Niobrara and Codell formations in 2014. We are excited about participating in the 26-well per section test in Wattenberg that could add significantly to our liquid-rich 3P inventory. Production from this test is expected to begin in the fourth quarter of 2014. In the Utica, we are extremely pleased with early results which support ongoing development in both our northern and southern Utica acreage positions. Our 60% liquids mix forecast for total company production in 2014 further demonstrates our transition from a natural gas focused company to a liquids focused one."

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