The firm has completed the drilling of the first of three back-to-back wells – the Loomis 2-1H well – on its Wattenberg Asset.

Pacific Energy has an approximately 49.7% net working interest in each well on the Wattenberg Asset.

The company also spudded the second of three wells, the Loomis 2-3H well.

The Loomis 2-1H well has been drilled to a total measured depth of 11,365ft, with a 6,287ft total vertical depth and 4,165ft total lateral length through the Niobrara B Bench.

The Niobrara B Bench chalk is present across the entire well bore with a thickness of approximately 45ft while the drill cuttings from the well bore identified oil rich shale reservoir rock.

With an estimated gross cost of approximately $4.2m per well, the company is drilling the three wells from a single pad, following which each of the first two wells is planned to receive an 18 stage enhanced frac treatment. The third well will receive a 28 stage enhanced frac treatment, all with lateral lengths between 4,000ft and 4,500ft.

The drilling of three wells is slated for completion with initial results available in late-October 2014.

Currently, Pacific Energy operates 11 wells in its recently acquired Wattenberg Asset as well as five additional wells through its subsidiary Condor Energy Technology in its Niobrara Asset.