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PEDEVCO Corp. d/b/a Pacific Energy Development has successfully completed workover operations on the Domino 21-16 State Com No. 5 Well, which it acquired effective February 1, 2019.
The Company began workover operations on the Domino well immediately after closing the acquisition and is pleased to announce that the well has been online for over 5 days producing an average of 120 barrels of oil per day since completion of the workover.
The Domino well was drilled by the well’s former operator in the 4th quarter of 2017 and had an Initial Production (IP) peak oil rate of just over 300 barrels of oil per day in February 2018. The well was down due to a failed downhole pump which Pacific Energy Development redesigned and replaced with a new resized pump to maximize production rates.
In addition, the Company is pleased to report that completion operations on its initial four horizontal wells in the Chaveroo field are currently underway and, as previously announced, the Company plans to drill another horizontal well on the recently acquired acreage offsetting the Domino well by March 1, 2019.
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