PDC sees production jump

Increasing reserves: PDC sees leap

AP

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Kathrine Schmidt

, Kathrine Schmidt

 26 January 2012 21:22 GMT

Denver-based PDC Energy saw its reserves grow by 18% and production rise by 26% on thriving shale plays as it prepares for a $284 million spending plan in 2012, the company said Thursday.

The Colorado and Niobrara-focused independent saw total proved reserves grow from 861 billion cubic feet in 2010 to just over 1 trillion cubic feet in 2011.

Production increased 26% to 47.5 billion cubic feet equivalent for the year, the company said.

That came on the heels of an active year of drilling 200 gross wells, including 17 horizontal Niobrara wells, 80 vertical wells and 190 refrack/recomplete projects in its central Wattenberg field.

PDC said it also drilled 23 wells in the Permian Basin and 17 wells in the Piceance Basin. A joint Appalachian venture…

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