PDC Energy, Inc. declared an increase in the Company's capital budget and estimated net production for 2013. The Company also announced the signing of an agreement for the provision of midstream services in the Utica Shale.

PDC's capital budget increased from $365 million to $443 million, 85% of which is allocated to accelerate development of liquid-rich projects in the Wattenberg Field and Utica Shale. The Wattenberg Field budget increased $26 million to $280 million to accommodate the projected start-up of a third rig in May, 2013. For the year, the Company expects to drill a total of 69 horizontal wells in the liquid-rich Niobrara and Codell formations.

The Company also increased its budget for the Utica Shale from $53 million to $96 million to maintain a one-rig drilling program throughout 2013 and drill a total of 11 horizontal wells. The Utica budget includes approximately $7 million for leasehold acquisitions.

Tags: PDC Energy