Pacific Energy Development says that its Loomis 2-3H horizontal well recently completed in Weld County, Colorado has tested at an initial production rate of 540 barrels of oil per day (bopd) and 248 thousand cubic feet of gas (mcfgd) (581 barrels of oil equivalent per day (boepd)), from the Niobrara "B" Bench target zone. The Loomis 2-3H well is the third of three new horizontal wells recently completed by the Company from a single pad.

The Company has an approximately 49.7% net working interest in this well, which came in under budget (below $4 million), reaching a total measured depth of 11,345 feet, with a 6,321 foot total vertical depth and 4,614 foot lateral length, and with 18 frac stages through the Niobrara "B" Bench target zone. On January 13th and 14th the Company announced that its first and second reported wells (the Loomis 2-6H and Loomis 2-1H) had initial production rates of 590 boepd and 681 boepd, respectively.

Tags: Pacific Energy Development