DENVER, January 28, 2014 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today reported 2013 year-end reserves and production.
Total proved reserves as of December 31, 2013 were 266 million barrels of oil equivalent (“MMBoe”), compared to 193 MMBoe reported as of December 31, 2012. During 2013, PDC added 95 MMBoe of proved reserves through a combination of drilling, improved well performance and pricing revisions. The 95 MMBoe includes the benefit of increased well density on PUD (proved undeveloped) locations in the Niobrara and Codell plays. Total proved undeveloped (“PUD”) horizontal locations in the Wattenberg Field increased to 623, including 543 in the Niobrara play and 80 in the Codell play.
PDC’s internal estimate of 3P reserves increased approximately 45% from 589 MMBoe at December 31, 2012 to 854 MMBoe at December 31, 2013, and contains an estimated 56% liquids and 44% natural gas mix. The increase in the Company’s 3P (Proved, Probable and Possible) reserves was primarily related to additional downspacing of the liquid-rich Wattenberg Niobrara and Codell plays to approximately 22 total wells per section, which increased the Company’s Wattenberg 3P inventory to over 2,800 gross horizontal locations.