Pacific Energy Development Acquires Shale Oil Interest in the Mississippian Lime Play
PEDEVCO Corp. (dba Pacific Energy Development), an energy company
focusing on shale oil and gas development and production in the United
States and Pacific Rim countries, today announced the closing of its
acquisition of a 97% operated working interest in 7,006 gross (6,763
net) acres in a shale oil asset (the Mississippian
asset) located in the Mississippian Lime formation in Comanche,
Harper, Barber and Kiowa Counties, Kansas. The Company operates the
asset and plans to commence drilling operations in the second quarter of
2013.
Commenting on the transaction, President and CEO Frank Ingriselli noted,
“This newly acquired strategic acreage in the Mississippian formation
establishes our presence in one of the most significant resources plays
in America and triples our existing net acreage position. We look
forward to commencing our drilling program on our Mississippian asset
which we anticipate will provide a further platform for our organic
growth.”
Pacific Energy Development also recently announced the results of
initial production from its second and third wells, the Logan
2H and Waves 1H, from its Niobrara asset located in Weld County,
Colorado.
Riviera-Ensley Energy Advisors served as the principal advisor for this
Mississippian asset transaction.
About Pacific Energy Development (PEDEVCO Corp.)
Pacific
Energy Development (OTCBB: PEDO) is a publicly-traded energy company
engaged in the acquisition and development of strategic, high growth
energy projects, including shale oil and gas assets, in the United
States and Pacific Rim countries. The company’s principle assets include
its Niobrara asset located in the DJ Basin in Colorado, its Eagle Ford
asset in McMullen County, Texas, its North Sugar Valley asset located in
Matagorda County, Texas, and the recently acquired Mississippian asset
located in Comanche, Harper, Barber and Kiowa Counties, Kansas. Pacific
Energy Development is headquartered in Danville, California, and also
has an office in Beijing, China.
Statements in this release that are not historical facts, including but
not limited to those related to timing of drilling, the Company's or
management's intentions, beliefs, expectations, hopes, projections,
assessment of risks, estimations, plans or predictions for the future,
and other statements that are not historical facts are forward-looking
statements that are based on current expectations. Although Pacific
Energy Development believes that its expectations are based on
reasonable assumptions, it can give no assurance that these expectations
will prove correct. Important factors that could cause actual results to
differ materially from those in the forward-looking statements include
results of wells and production testing, performance of rig operators
and gathering systems, actions by governmental authorities, industry
partners, market and other conditions, availability of well connects,
ability to raise capital and capital needs and uses, commodity price
changes, effects of the global economy on exploration activity, results
of and dependence on exploratory drilling activities, operating risks,
right-of-way and other land issues, availability of capital and
equipment, weather, and other risks described in Pacific Energy
Development’s Form 10-K for the year ended December 31, 2012 and its
other filings with the U.S. Securities and Exchange Commission. There
can be no assurance any financing matter or transaction described in
this press release will occur on the terms or timing described, or at
all.