PDC Energy Announces Approval of Kenosha Oil and Gas Development Plan

DENVER, June 08, 2022 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today that the Colorado Oil and Gas Conservation Commission (“COGCC”) approved the Company’s Kenosha Oil & Gas Development Plan (“OGDP”) permit application. The Kenosha OGDP, which encompasses 69 wells on three pads in rural Weld County, Colorado, marks an important next step as PDC further increases its permitted inventory by another rig year and solidifies drilling and completion activity well into 2024. The Company will soon have over 550 permits and drilled and uncompleted wells (“DUCs”).

David Lillo, Senior Vice President of Operations, commented, “PDC has demonstrated its leadership with our stakeholders in the community and regulatory agencies with the Kenosha OGDP approval. Our team has done a tremendous job working with COGCC leadership and staff and we appreciate the collaborative relationship we have with them as we permit under the new regulations. Kenosha is the second OGDP we have had approved and we look forward to further approvals with our Guanella Comprehensive Area Plan, Broe and other OGDPs.”

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 expectations of future permit applications approvals, 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.