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Pacific Provides IP Rates of Fourth & Fifth Niobrara Wells

Source: www.gulfoilandgas.com 9/16/2013, Location: North America

Pacific Energy Development PED) announced that its fourth horizontal well, the State 16-7-60 1H well, located in Weld County, Colorado, has tested at an initial production rate of 480 barrels of oil per day (bopd) and 360 thousand cubic feet of gas per day (mcfgpd) (540 barrels of oil equivalent per day (boepd)), during a 4-hour test of the Niobrara “B” Bench target zone. Following removal of a down hole sand screen which was restricting flow, the well reached a peak production rate of 972 bopd and 800 mcfgd (1,105 boepd), during a 4-hour test from the Niobrara “B” Bench target zone.

The State 16-7-60 1H well is the fourth well the Company has drilled on its 10,224 gross acre Niobrara asset. The well was spudded in June 2013, and drilled to a total vertical depth of approximately 6,260 feet and total measured depth of approximately 10,630 feet. The 4,042 foot lateral section was completed in 16 stages in July 2013. The Company’s fifth horizontal well, the Wickstrom 18-2H well, located in Morgan County, Colorado, has tested at an initial production rate of 414 bopd and 408 mcfgd (482 boepd), during a 4-hour test from the Niobrara “B” Bench target zone. The well was tested using a limited rate flowback technique to reduce frac sand entry into the well bore and test the concept of EUR increases through lower drawdown similar to the practice employed in the Eagle Ford Shale, resulting in an initial production rate at 80% of its anticipated full production potential.

The Wickstrom 18-1H well was spudded in June 2013, and drilled to a total vertical depth of approximately 6,125 feet and total measured depth of approximately 14,706 feet. The 8,140 foot lateral section was completed in 33 stages in August 2013. The Wickstrom 18-2H tests the southernmost extent of the Company’s Niobrara leasehold.

Frank C. Ingriselli, the Company's President and CEO, commented, “We are very pleased with the initial production rate of the State 16-7-60 1H and Wickstrom 18-2H wells. These outstanding results reflect our careful and diligent efforts during initial site selection and our continued focus on optimizing our drilling program so as to maximize recovery of oil and gas while at the same time driving cost efficiencies as we continue on our commercial development of this asset.”

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