By Matt Whittaker / NewsBreak Denver
(Denver, Colo.) State oil and gas regulators approved PDC Energy’s plan to develop 30 wells in rural Weld County less than a month after giving the go-ahead for other company wells in Colorado’s most prolific hydrocarbon-producing area.
The Broe Oil & Gas Development Plan – initiated by Great Western Petroleum, a Denver-based oil and gas company PDC bought in May – is PDC’s first such plan approval on Great Western acreage, PDC said Wednesday.
Earlier this month, the Colorado Oil and Gas Conservation Commission approved a PDC permit application for 69 wells in Weld County.
The two plan approvals added 99 new wells to PDCs inventory in June, and the company said it would soon have more than 675 permits and drilled and uncompleted wells.
“Broe is the second PDC (plan) to receive unanimous approval this month, and third approval within the last 12 months,” said David Lillo, senior vice president of operations with PDC.
PDC is bulking up its permitted inventory with an eye to drilling and well completion activity into 2024.
The expansion comes as the company – which late last month increased its expectations for oil and gas production this year after buying Great Western – reported first-quarter sales of more than $316 million, well up from the 2021 comparable quarter’s revenue of around $286 million.
Weld County is by far Colorado’s most prolific fossil fuel production area. So far this year, it has produced more than 44 million barrels of oil and more than 321 billion cubic feet of natural gas, according to conservation commission data.