Pdc idles their utica rig. Slashes utica budget

Based on current low commodity prices and large natural gas differentials in Appalachia, the Company has elected to temporarily idle its drilling rig in the Utica Shale in favor of allocating a higher percent of its 2015 capital budget to its highest return projects in the Wattenberg Inner and Middle core areas. For 2015, the Company plans to invest a total of $38 million compared to approximately $190 million in 2014 in its Utica Shale play which includes completing and turning-in-line the 4-well Cole pad and lease maintenance costs. PDC expects to resume its Utica Shale drilling program when commodity prices and netback realizations rebound. The Company remains committed to the strong Utica Shale resource it is developing in the condensate and wet gas windows of the play where its per-well reserves are projected at 680 Mboe and 1.2 MMboe respectively. In 2015, the Company will develop production, reservoir and completion analyses from its recently drilled wells and will incorporate the data into its future drilling programs.

See Pdc's website for more information.

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Permalink Reply by Dexter Green on December 9, 2014 at 1:11am

It begins.

Permalink Reply by James Vanderink on December 9, 2014 at 5:05am
I'm afraid you are correct.
Permalink Reply by bo boboski on December 9, 2014 at 5:26am

The Towellheads stick it to us again!  Oh Well, at least gasoline prices are down, hopefully nat. gas and propane comes down too before home heating season gets into full swing. I will be needing another propane tank filled.

Permalink Reply by James Vanderink on December 9, 2014 at 6:59am
I believe a good portion of the holdings are HBP
through an AMI/JV with DRH inc.
Permalink Reply by James Vanderink on December 9, 2014 at 12:15pm
A splatter of good news for the area west of the current sweet spot.


PDC's CEO told analysts during the same call that its Palmer wells in Morgan County "demonstrated the viability of our western Utica acreage."

But its Colorado drilling projects give the company its highest returns.

Morgan County is further west than the "sweet spot" of activity in southeastern Ohio, where Monroe and Belmont counties are home to multiple high-producing gas wells.

The western part of the Utica has more oil and condensate

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