DENVER, February 20, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported its 2013 fourth quarter and year-end financial and operating results from continuing operations. 2013 Highlights
- Achieved 35% production growth over 2012 to 20,400 barrels of oil equivalent per day ("Boe/d"), or 7.4 million barrels of oil equivalent (MMBoe) for the year.
- Increased crude oil and NGLs production 40% over 2012; liquids accounted for 53% of 2013 production.
- Realized strong production from the Company's Wattenberg Field 16-wells per section downspacing project (Waste Management pads).
- Booked first Utica Shale proved reserves of 14 MMBoe and established solid initial production; over 200 gross projects targeted for horizontal drilling.
- Increased total proved reserves 38% to 266 MMBoe from year-end 2012.
- Increased proved, probable and possible ("3P") reserves 45% to 854 MMBoe from year-end 2012.
- Completed two strategic divestitures of non-core dry gas assets.
- Raised approximately $276 million from the sale of common stock, which is partially funding the Company's capital programs.