PDC Energy (PDC) issued an update on its development activities in the Niobrara Shale. The company has 70,500 net acres in the Wattenberg Field in the Denver Julesburg basin in Colorado.
PDC Energy reported the results of the Rickards 41-10H, its first horizontal well at the Kreiger prospect, where the company has 5,600 net acres. The Rickards 41-10H was drilled with a 4,100 foot lateral and completed with a 16 stage hydraulic fracturing operations.
PDC Energy reported the following production statistics for this Niobrara Shale well:
Twenty four peak rate – 625 barrels of oil equivalent per day.
Thirty Day average rate – 310 barrels of oil equivalent per day.
PDC Energy plans to drill 14 horizontal wells into the Niobrara Shale in 2011.