PDC Energy, an independent exploration and production company, has received approval from the Colorado Oil and Gas Conservation Commission (COGCC) for its Kenosha Oil & Gas Development Plan (OGDP) permit application.
PDC noted that the Kenosha oil and gas development plan encompasses 69 wells on three pads in rural Weld County, Colorado. This marks an important next step as PDC further increases its permitted inventory by another rig year and solidifies drilling and completion activity well into 2024. The company will soon have over 550 permits and drilled and uncompleted wells (DUCs).
“PDC has demonstrated its leadership with our stakeholders in the community and regulatory agencies with the Kenosha OGDP approval. Our team has done a tremendous job working with COGCC leadership and staff and we appreciate the collaborative relationship we have with them as we permit under the new regulations. Kenosha is the second OGDP we have approved and we look forward to furthering approvals with our Guanella Comprehensive Area Plan, Broe, and other OGDPs,” said David Lillo, Senior Vice President of Operations.
The company has already closed on its core Wattenberg acquisition, Great Western, in early May.
In the Wattenberg Field, PDC Energy expects to invest $775-$825 million for 2022 to run a three rig program and one full-time plus an intermittent completion crew. The drilling and completion activity will be conducted primarily on the Summit, Kersey, and the newly acquired Great Western Range acreage. PDC expects to spud and complete 150 to 175 wells in 2022.
In the Delaware Basin, the company recently finished its 2022 completion program and is running one full-time drilling rig. Capital expenditures are expected to total approximately $175 million for 16 spuds and 20 completions.
PDC anticipates 2022 capital investments of $950 to $1 billion to generate between 235,000 and 250,000 Boe per day and 78,000 to 83,000 Bbls per day, after incorporating the Great Western capital and volumes beginning in May.
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Published at Fri, 10 Jun 2022 12:22:35 -0700