PDC Energy (PETD) reported an operational update on its Niobrara Shale program in the first quarter of 2011. The company has 74,100 net acres in the play.
PDC Energy drilled the company’s first horizontal well in the Niobrara Shale in late 2010. The Rickards 41-10H well had an initial production rate of 625 barrels of oil equivalent (BOE) per day, and produced 310 BOE per day during the first thirty days of production.
PDC Energy said that the company’s second horizontal Niobrara Shale well produced 503 BOE per day for the first thirteen days of production. The company’s third horizontal Niobrara Shale well produced 501 BOE per day during the first eight days of production.
PDC Energy plans to drill fourteen horizontal Niobrara Shale wells in 2011. This includes from eight to nine wells in the Wattenberg field and from four to five wells in the Krieger Niobrara area. PDC Energy used to do business as Petroleum Development Corporation.