Benzinga | Dec 8, 2021 08:33AM EST

PEDEVCO Reports Spudding Of Its First Of 2 New Horizontal Wells In Permian Basin Asset

PEDEVCO Corp. (NYSE:PED) announced today that it has spud the first of two new horizontal wells that the Company plans to drill this month in its Permian Basin Asset. The first well, the State 402H, was spud yesterday and is planned to have a target depth of 4,368 feet with a lateral length of 5,270 feet. The second well, the State 403H, is planned to be spud following the completion of drilling of the State 402H, with a targeted depth of 4,361 feet and lateral length of 5,600 feet. Following completion of drilling of these two new wells, the Company plans to proceed with completion operations and expects first production from both wells to commence in the first quarter of 2022.