HOUSTON, TX / ACCESSWIRE / February 13, 2019 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE American: PED) (the ”Company”) announced today that it successfully completed workover operations on the Domino 21-16 State Com No. 5 Well, which it acquired effective February 1, 2019 as part of its February 1, 2019 purchase of additional producing assets in the Permian Basin. The Company began workover operations on the Domino well immediately after closing the acquisition and is pleased to announce that the well has been online for over 5 days producing an average of 120 barrels of oil per day since completion of the workover. The Domino well was drilled by the well’s former operator in the 4th quarter of 2017 and had an Initial Production (IP) peak oil rate of just over 300 barrels of oil per day in February 2018. The well was down due to a failed downhole pump which Pacific Energy Development redesigned and replaced with a new resized pump to maximize production rates.
In addition, the Company is pleased to report that completion operations on its initial four horizontal wells in the Chaveroo field are currently underway and, as previously announced, the Company plans to drill another horizontal well on the recently acquired acreage offsetting the Domino well by March 1, 2019.
J. Douglas Schick, President of the Company, commented, ”We are very pleased with the positive results from our workover on the Domino well, which we believe alone validates our recent ”bolt on” acquisition. In addition to reworking the Domino well, we plan to drill and complete an additional well on this new asset in the coming months. Together with our four other horizontal wells currently being completed on our Permian Basin acreage, we hope to have some very positive operational updates over the coming months.”
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company’s principal assets are its San Andres Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado. Pacific Energy Development is headquartered in Houston, Texas.