PDC Energy (PDCE) updated the company’s Utica Shale development program, where the company has 45,000 net acres spread across Guernsey, Noble, Washington and other counties in Ohio.
PDC Energy is no longer looking for a joint venture partner in the Utica Shale as the company felt that the offers received did not provide enough value to shareholders. The company will develop the acreage on a standalone basis.
PDC Energy plans to spend $95 million in capital in the Utica Shale in 2012 and estimates 2013 spending at $50 million. The company has disclosed information on three wells to date:
Onega Commissioners #14-25H – This well is currently being completed and then will be shut in for 60 days prior to a flow test in November 2012.
Detweiler #42-3H – This well will be completed by the end of 2012 and will be flow tested in the first quarter of 2013.
PDC Energy expects to spud its third horizontal Utica Shale well in the fourth quarter of 2012.