Pursuant to the participation agreement, PEDEVCO acquired a 27.9% working interest in six new horizontal D-J Basin wells in the SW Pony Prospect that were drilled and completed in the third quarter. (Source: Shutterstock)
Independent producer PEDEVCO Corp. agreed to jointly develop approximately 10,750 net acres in the SW Pony Prospect in Weld County, Colorado.
Houston-based PEDEVCO signed a five-year participation agreement “with a large, Denver, Colorado-based private equity-backed D-J Basin E&P company with extensive operational experience,” PEDEVCO said Oct. 1.
PEDEVCO and the unnamed operator have formed a roughly 16,900-acre area of mutual interest in the SW Pony Prospect, with PEDEVCO holding a 30% interest and the operator holding a 70% interest in the combined acreage.
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