Pacific Energy Development Announces 2nd Quarter and Six Month Results With Production Increasing Approximately 48% and Over 100% for Respective Periods
PEDEVCO Corp. d/b/a Pacific Energy Development(NYSE MKT: PED) reported results from the second quarter and six months ended June 30 today and confirmed that drilling of seven new horizontal wells in its Wattenberg acreage in which the Company has a 25% working interest has commenced by a third party operator.
Compared to the same quarter last year, production grew by approximately 48% from 32,218 BOE (barrels of oil equivalent) to 47,545 BOE. Revenues for the quarter decreased by approximately 15% from approximately $2.1 million to $1.8 million. Production for the first six months ended June 30 grew by over 100% from 45,237 BOE to 96,522 and revenues increased by approximately 6% from $3.1 million to almost $3.3 million.
This increase in revenues for the first six months occurred notwithstanding the drop of realized oil prices by the Company of over 50%.
Commenting on the results, Frank C. Ingriselli, Chairman and CEO of the Company, stated, “We are very pleased with our second quarter and six month results. We were able to achieve these results, notwithstanding a drop of well over 50% in the price of oil. We are also excited about the commencement of drilling operations on the seven new wells we previously announced that are being drilled in our Wattenberg acreage. We look forward to carrying out our development plans in 2015, closing our merger with Dome Energy and continuing to focus on building shareholder value.”