Shares of Texas-based oil and gas company Pedevco are up 8% or 7c per share to 91c in afternoon trading on Thursday after announcing earlier on Thursday, that it has significantly expanded its oil and gas leasehold into Southeastern Wyoming through the acquisition of over 4,000 net leasehold acres in the highly prospective Codell play in Southeastern Wyoming’s D-J Basin, increasing the Company’s D-J Basin footprint to over 17,000 net acres across Northeastern Colorado and Southeastern Wyoming. “With its attractive economics, the Company believes that the Codell play of the D-J Basin in Southeastern Wyoming offers one of the most exciting oil and gas expansion and development opportunities in the U.S., with nearby recent development exceeding 750 MBOE EURs per well,” noted the company. J. Douglas Schick, President of the Company, stated, “We are very pleased to announce the expansion of our D-J Basin footprint into Southeastern Wyoming and continued growth and development of our D-J Basin position. In the present environment, we believe our capital is better spent and will yield greater returns growing our production and reserves organically versus seeking to acquire existing production. Throughout 2021 and 2022 our team researched multiple new highly prospective oil rich plays, ultimately identifying the emerging Codell play in Southeastern Wyoming as an ideal target due to the impressive well results of operators in the area, a favorable regulatory environment, and geological, geographical and operational similarities with our existing D-J Basin position. We look forward to commencing development of our new Wyoming position, with first development anticipated in 2024.”
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