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Oct. 6, 2021, 5:45 p.m. EDT

PDC Energy Announces Unanimous Approval of Spinney Oil and Gas Development Plan, PDC's First Approved Permit Under New Rulemaking

DENVER, Oct 06, 2021 (GLOBE NEWSWIRE via COMTEX) -- DENVER, Oct. 06, 2021 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") /zigman2/quotes/202777853/composite PDCE +8.56% announced today that the Colorado Oil and Gas Conservation Commission (COGCC) approved the Company's Spinney Oil & Gas Development Plan (OGDP) permit application. The Spinney, an eight-well pad in rural Weld County, Colorado, marks PDC's first approved permit under the new rules, which were enacted in January 2021. As of September 30, and inclusive of the Spinney OGDP, PDC's estimated combined approved permits and drilled but uncompleted wells (DUCs), reflect all projected turn-in-line activity through 2023.

President and CEO Bart Brookman commented, "The approval of our first OGDP under the new rules marks a tremendous accomplishment for PDC and reflects the incredible work of our internal working team, which includes members of our Land, Regulatory, Planning & Development, Operations and EHS teams, among others. Thanks to our partnerships and collaboration with local communities, Weld County and the COGCC, we are confident the Spinney is merely the first step in further securing permits for our future undeveloped Wattenberg drilling inventory."

COGCC Chairman Jeff Robbins commented at the hearing, "I think this is a strong application for eight wells in Weld County. I am appreciative that it has received Weld County approval and I'm appreciative of the fact that there is informed consent from all the nearby residences. I think the application shows PDC worked closely in Weld County and with other state agencies...I think it's a thoughtful approach to permitting and responsible development and it's a good example of how this can work in Colorado."

The Company submitted its application for the Kenosha OGDP in late September and is making continuous progress towards the targeted year-end submittal of its Guanella Comprehensive Area Plan (CAP). The Kenosha OGDP, a 70-well, multi-pad development plan and Guanella CAP, which includes an estimated 450 future drilling locations, are each located in rural Weld County and represent the Company's planned turn-in-line activity into 2027.

About PDC Energy, Inc.

PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Its operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding the Company's expected timing of permit applications and planned operating activity and inventory expectations. All statements other than statements of historical fact included in and incorporated by reference into this press release are "forward-looking statements."

PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts: Kyle Sourk
Director Corporate Finance & Investor Relations
303-318-6150
kyle.sourk@pdce.com



COMTEX_394690408/2471/2021-10-06T17:45:07

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/zigman2/quotes/202777853/composite
US : U.S.: Nasdaq
$ 77.90
+6.15 +8.56%
Volume: 633,582
May 27, 2022 12:32p
P/E Ratio
15.54
Dividend Yield
1.28%
Market Cap
$7.12 billion
Rev. per Employee
$5.56M
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