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.
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
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