PEDEVCO Corp. (dba Pacific Energy Development), an energy company focusing on shale oil and gas development and production in the United States and Pacific Rim countries, announced the closing of its acquisition of a 97% operated working interest in 7,006 gross (6,763 net) acres in a shale oil asset (the Mississippian asset) located in the Mississippian Lime formation in Comanche, Harper, Barber and Kiowa Counties, Kansas.
The Company operates the asset and plans to commence drilling operations in the second quarter of 2013.
Commenting on the transaction, President and CEO Frank Ingriselli noted, “This newly acquired strategic acreage in the Mississippian formation establishes our presence in one of the most significant resources plays in America and triples our existing net acreage position. We look forward to commencing our drilling program on our Mississippian asset which we anticipate will provide a further platform for our organic growth.” Pacific Energy Development also recently announced the results of initial production from its second and third wells, the Logan 2H and Waves 1H, from its Niobrara asset located in Weld County, Colorado.
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