Currently, the JV is drilling a third horizontal Marcellus well and plans to drill one additional well prior to suspending drilling operations.
It also plans to proceed with the completion of seven wells over the next several months, including three wells that were drilled in 2011.
The company plans to reallocate the $12m of the $284m capital budget for the year to projects in the Wattenberg Field.
PDC has also closed the sale of its remaining Permian Basin assets to Concho Resources for $184.4m.
PDC will use the proceeds from the sale to reduce outstanding borrowings on the company’s revolving bank debt and to fund its 2012 capital budget.
