PDC Energy (PDC) issued an update on its development activities in the Appalachian Basin, where the company is developing the Marcellus Shale.
PDC Energy has drilled and completed the first three wells in the company’s joint venture with Lime Rock Partners. The average 24 hour peak rate of production for the three wells was 2.4 million cubic feet per day of natural gas.
PDC Energy said that the reserves on each of these wells will range between 3.5 billion and 5 billion cubic feet. The company has started drilling its sixth horizontal well into the Marcellus Shale and expects to complete this and two other wells during the first quarter of 2011. PDC Energy plans a nine well Marcellus Shale drilling program in 2011.