PED - Pedevco expands footprint in Wyoming D-J Basin's Codell play

2023-06-15 11:55:06 ET

Pedevco ( NYSE: PED ) +5.9% in Thursday's trading after saying it acquired more than 4K net leasehold acres in the Codell play in the D-J Basin, raising its D-J footprint to more than 17K net acres across northeast Colorado and southeast Wyoming.

The company believes the Codell play offers one of the most exciting oil and gas expansion and development opportunities in the U.S., with nearby recent development exceeding 750K boe EURs per well.

Pedevco ( PED ) said its expansion into the Codell play is "a continuation of the company's renewed focus on its D-J Basin assets, which offer among the highest rates of return in the industry."

More on Pedevco:

• Financial and valuation comparison to sector peers
• Analysis: Pedevco Trades For Current Production But Can Grow A Lot More
• Stock price return: Down 22% YTD, down 37.5% in the past 12 months

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