By OGJ editors
HOUSTON, June 8 – Petroleum Development Corp., Denver, plans to drill its first horizontal well in the Cretaceous Niobrara formation in northeast Colorado in late 2010.
The company signed a purchase agreement to increase its position in the Wattenberg Niobrara to 70,000 acres, 92% held by production. Closing is set for June 25.
The company recently signed a definitive agreement to add 5,500 net acres of leasehold in Wattenberg field in Weld County 10 miles northeast of its core Wattenberg operations.
PDC is developing plans for continued horizontal drilling on its existing Wattenberg acreage in 2011-12.