PDC Energy
From Wikimarcellus
Bridgeport, West Virginia-based Petroleum Development Corp (NASDAQ GS: PETD) (aka PDC) is an oil and gas exploration and production company that owns a largely undeveloped leasehold prospective for Marcellus shale consisting of 52,900 acres in West Virginia and Pennsylvania. The company has extensive experience operating in the Appalachian Basin with over 2100 non-Marcellus producing wells. Its Marcellus acreage consists of:
- 14,900 acres in Pennsylvania located in the counties of Indiana, Cambria and Fayette. The company has a branch office in Indiana, PA.
- 38,000 Acres in West Virginia spread out over the counties of Harrison, Taylor and Barbour - PDC's headquarters are located in Bridgeport, WV.
During 2009 PDC had been operating one drilling rig on its Marcellus acreage.
The company had a marketing presence for selling its natural gas through Riley Natural Gas.
According to a July, 2009 report, PDC had drilled 4 vertical wells during the first half of 2009 and was producing from 3 of these with an average initial production flow rate per well of 275 Mcfe/d. It planned to drill 5 more vertical wells before the year's end. It intended to drill its first horizontal well during the first quarter of 2010. As of the end of July, 2009, the company had a 10-square-mile 3-D seismic shoot underway and had identified 30 prospective horizontal well locations. Permitting for the shoot was 40% complete and the company expected to conduct the data acquisition phase during the month of August.
PDC was pursuing a joint venture to help develop its Marcellus acreage.
- Richard W. McCullough is PDC's Chairman and CEO.
- Barton R. Brookman is Senior Vice President of Exploration and Production
- Peter Schreck is the company's Vice President–Finance and Treasurer
- Gysle R. Shellum is PDC's CFO.
