UPDATE (03/4/2012, 11:00 am ET): During my original post on PDC Energy, I mentioned that PDC just completed its second well and was in the resting phase allowing the stimulation to dissipate.  Following its 60-day resting phase, the Detweiler 42-3H has now been opened up for the first time.  The well, which is located in eastern Guernsey County off route 265 near Lore City, came online with great results.

The well was developed with a 3,868 foot lateral and completed with a 13 stage hydraulic fracture stimulation or approximately 300 foot hydraulic fracture intervals. The Detweiler 42-3H well tested through tubing at a peak rate of 2,197 barrels of oil equivalent (“Boe”) per day on a 20/64″ choke with an average rate of 2,039 Boe per day for 24 consecutive hours. The gas being produced is 1,263 BTU liquids rich gas.

Assuming full ethane recovery with a natural gas shrink of 21%, the composition mix of the production is 49% condensate, 26% NGLs and 25% residue gas, a very positive mixture of natural gas liquids and condensate.  PDC Energy is following up this tremendous well with a three-well pad located just down the road about 3 miles near Robins Ridge Golf Course.

Once they complete the three wells in Guernsey County, PDC will head down to Washington County to develop two horizontal wells in Washington County, Ohio.  These wells will be the second and third wells to be developed in Washington County.  Triad Hunter is currently working on the first Utica/Point Pleasant well in Washington County near Macksburg.

—Original post from December 14, 2012—

In a recently released capital budget and operations plan, PDC Energy (PDC)  announced their intentions to invest $53 million in Guernsey and Washington Counties in 2013.  This new investment comes in addition to the $95 million PDC is expected to spend on leasehold acquisition and exploration in 2012.  The $53 million budget planned for the company’s Utica operations will help PDC develop a 3 well pad in Guernsey County and 2 new wells in Washington County in the coming year – a tremendous investment that will create local jobs and bring much needed revenue to both counties.

READ THE REST: http://www.eidohio.org/pdc-energy-to-invest-53-million-in-utica-in-...