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Pacific Energy Reports Initial Production Rate at Niobrara Well

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Pacific Energy Development announced that its second horizontal well, the Waves 1H well, located in Weld County, Colorado, has tested at an initial production rate of 528 barrels of oil per day and 588 barrels of oil equivalent per day (boepd) (360 mcfgpd) from the Niobrara "B" Bench target zone. The well is operated by the Company's joint venture partner, Condor Energy Technology LLC (Condor). Condor spud the Waves 1H well Nov. 19, 2012 and drilled to 11,114 feet measured depth (6,200 true vertical foot depth) in eight days. The 4,339 foot lateral section was completed in 18 stages Feb. 1, 2013.

Condor's first horizontal well in Weld County, Colorado, the FFT2H well, tested at an initial production rate of 437 boepd from the Niobrara "B" Bench target zone. This first well was spudded in April 2012 and drilled to a total combined vertical and horizontal depth of 11,307 feet, with completion operations concluding in July 2012.

On November 30, 2012, Condor spudded its third horizontal well, the Logan 2H well, in Weld County, Colorado. Drilling of the well was completed Dec. 8, 2012, to a true vertical depth of approximately 6,150 feet, and a total horizontal length of approximately 6,350 feet in the Niobrara "B" Bench target zone. Condor completed hydraulic fracturing operations on this well in January 2013, and plans to finish completion operations and commence flow testing in mid-February 2013.

Frank C. Ingriselli, the Company's President and CEO commented, "We are pleased to be able to execute on our 2013 development program in the Niobrara formation, and are encouraged that the knowledge we gained from drilling and completing our initial FFT2H well in the Niobrara formation is proving beneficial to us as we seek to drive down our drilling and completion costs, optimize our completion operations, and maximize production and resource recovery."


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