PEDEVCO Announces Update On Its On Three New Wells In Permian Basin
Portfolio Pulse from Benzinga Newsdesk
PEDEVCO, in partnership with Evolution Petroleum Corporation, has successfully drilled and completed three horizontal San Andres wells in the Chaveroo Field, Permian Basin. These wells, drilled in Q4 2023 and completed by early 2024, have commenced production with promising early results, peaking at 300 to 375 BOEPD per well. The wells are currently exceeding expectations with an average production of over 750 BOEPD in the last 30 days, indicating a positive outlook for future development phases.
April 17, 2024 | 11:39 am
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POSITIVE IMPACT
Evolution Petroleum Corporation's strategic partnership with PEDEVCO in drilling three successful wells in the Permian Basin highlights its operational capabilities and could positively influence its stock in the short term.
Evolution Petroleum Corporation's involvement in the successful drilling and early positive production results from the partnership with PEDEVCO in the Permian Basin serves as a testament to its operational capabilities and strategic partnership value. This success is likely to be viewed positively by investors, potentially leading to a favorable impact on EPM's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
PEDEVCO's successful drilling and early production results from three new wells in the Permian Basin indicate a positive development outlook, likely to positively impact investor sentiment.
The successful drilling and completion of three new wells, with production results exceeding expectations, directly impact PEDEVCO's operational success and future development prospects. This positive news is likely to enhance investor sentiment and could lead to a short-term uptick in PED's stock price, given the direct correlation between production success and financial performance in the oil and gas sector.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100