PDC Energy Announces Unanimous Approval of The Guanella Comprehensive Area Plan Adding Clear Line of Sight for Sustainable Long-Term Colorado Development Activities
DENVER, Dec. 08, 2022 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) announced today that the Colorado Oil and Gas Conservation Commission ("COGCC") unanimously approved, with overwhelming support of PDC's efforts, the Company's Guanella Comprehensive Area Plan (CAP), which encompasses approximately 33,000 consolidated net acres, 22 locations and approximately 450 wells in Weld County, Colorado.
The Guanella CAP further supports the Company's long-term planning and permitting efforts. With today's CAP approved locations and our previously established multi-year inventory of projects in the DJ Basin, the Company has clear line of sight into its turn in line activity well into 2028 at current activity levels. The Company expects to continue an active Oil & Gas Development Plan ("OGDP") permitting program to maintain a multi-year inventory of projects and provide operational flexibility to most responsibly develop our 230,000 net acres in the Basin.
President and Chief Executive Officer, Bart Brookman, commented, "I would like to commend our team members at PDC who have worked diligently and collaboratively with communities and regulators on this CAP application. Today's unanimous approval is a testament to their work and established working relationship with leadership and staff at the COGCC and we look forward to continuing to build on a constructive permitting record. With approximately 2,000 highly economic remaining locations identified in our DJ Basin inventory, today's approval materially derisks our inventory as we now have more than half of these locations already drilled and awaiting completion, permitted or actively in the permitting process. I am also proud of the alignment from our CAP development plans and our continued thoughtful and incremental progress on our ESG goals. With our commitment to electrification and the most protective suite of best management practices across the CAP development, we are well positioned to produce some of the cleanest hydrocarbon molecules in the world from the DJ Basin."
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Its operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding the Company's expectations of future permit applications approvals, planned operating activity and inventory expectations. All statements other than statements of historical fact included in and incorporated by reference into this press release are "forward-looking statements."
PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.
Contacts:
Aaron Vandeford
Director Investor Relations
303-381-9493
[email protected]
