PDC Energy: Production from 1st Utica Well, 2013 Forecast
PDC Energy issued their 2013 forecast yesterday, along with an impressive production report on their first Utica Shale well, drilled in Guernsey County, OH. They plan to spend $53 million next year to drill and complete five horizontal Utica Shale wells in Ohio. Part of that budget will also be spent on additional acreage to lease—acreage contiguous to their existing leased acreage. (Landowners who are not yet leased, here’s an opportunity for you.)
PDC also has a joint venture in the Marcellus Shale and plans to allocate $48 million for its 50% share toward drilling and completing 14 wells and certain midstream infrastructure projects (pipelines/processing) .