Pacific Energy Development, an energy company engaged in the acquisition and development of strategic, high-growth energy projects in the U.S., announced today that the Company has successfully completed the drilling of the Loomis 2-6H well, the third well of a three well-pad drilling program on its Wattenberg Asset that began in August 2014.
The drilling of the first two wells, the Loomis 2-1H and Loomis 2-3H, was completed in September. The Loomis 2-6H well reached a total measured depth of 11,335 feet, with a 6,297 foot total vertical depth and 4,200 foot completed lateral length through the Niobrara "B" Bench, with Niobrara "B" Bench chalk present across the entire well bore with a thickness of approximately 45 feet, and drill cuttings from the well bore evidencing highly prolific oil rich shale reservoir rock. With drilling now successfully completed, the Company plans to frac all three Loomis pad wells sequentially, applying different completion designs to determine optimal stage spacing, sand volume, and well spacing. Sand volumes are planned to vary between 950 to 1200 lb/ft., and stage spacing is anticipated to range from 160 feet to 250 feet per stage. Pressure will be monitored in offsetting wells to verify planned well spacing, and we will closely monitor production results. Using this information, the Company will seek to apply the most effective techniques to its remaining 2014 and 2015 drilling program.
The Company has an approximately 49.7% net working interest in each of these wells, and plans to commence completion operations, including fracing and flowback, of these three wells in the latter part of October 2014, with initial results expected to be available in early November 2014.