Pacific Energy Development Corp. (BESVD) Developing Oil And Gas Opportunities In Colorado, Texas, And Pacific Rim
PEVECO Corp. (doing business as Pacific Energy Development Corp.) is an independent energy company involved in the acquisition and development of high-growth oil and gas projects in the U.S., seeking also to pursue shale oil and gas opportunities in Pacific Rim countries. The team that manages PEVECO is experienced, having developed and commercialized some of the industry’s most profitable energy ventures.
The company’s immediate focus is oil and gas plays in the Niobrara Shale Formation in northeastern Colorado, and the Eagle Ford Shale in southern Texas, along with the Mississippian Shale in Kansas.
• Niobrara Asset – PEDEVCO holds 31% working interest in the 10,000+ acres in the Indian Peaks Area. The first well was successfully drilled and fracked, and is currently producing.
The Niobrara shale formation, one of the major resource plays in the country, is in northeastern Colorado, along with parts of Wyoming, Nebraska, and Kansas. Primarily an oil play, it is in the DJ Basin, a major oil and gas province. The first well was drilled to a vertical depth of 6,150 feet and a 20-stage frac was successfully conducted by Halliburton. The well is now producing and providing cash flow to the company.
• Eagle Ford Asset – PEDEVCO and its strategic partner MIE jointly hold 8% working interest in the 1,651 acres in the Leighton Field Area, with 3 wells currently producing.
A leading resource play in the U.S., the Eagle Ford Shale was one of the most actively drilled targets for oil and gas in the country in 2010. Pacific Energy Development’s Eagle Ford asset covers an area of 1,651 acres in the Leighton Field in McMullen County, Texas. The first well had an initial production rate of 1,202 bopd and 752 mcfpd. The second well had an initial flow rate of 1,488 bopd and 700 mcfpd. The third well had an initial flow rate of 1,072 bopd and 1,140 mcfpd, and started production in July.
Pacific Energy Development also holds a joint venture interest in Rare Earth Ovonic Metal Hydride JV Co. Ltd., a privately held China-based rare earth metal production company located in Inner Mongolia. Rare Earth Ovanic has been in commercial production of mischmetal-based metal hydride powders since 2004.
For additional information, visit the company’s website at www.PacificEnergyDevelopment.com
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