PDC Energy was founded in Bridgeport, West Virginia in 1969. The Company operated exclusively in the Appalachian Basin for its first 30 years, gaining expertise as a driller and producer of shallow natural gas wells with low dry-hole risk.
In 1997, PDC Energy moved into the Michigan Basin, targeting the Antrim Shale. Using its expertise in shallow well production, the Company successfully drilled over 200 producing wells.
In 1999, the Company expanded into Colorado focusing on areas where it could further leverage its expertise. These areas included the liquid-rich Wattenberg Field in the DJ Basin north of Denver, and the Grand Valley Field in the Piceance Basin in western Colorado. Here the Company gained meaningful experience with hydraulic fracturing operations.
Returning to its roots in the Appalachian Basin, PDC Energy formed PDC Mountaineer LLC (“PDCM”), a 50/50 joint venture with Lime Rock Partners in 2009. PDCM was created to accelerate the development of natural gas production in the Marcellus Shale. In the third quarter of 2011, PDCM acquired Seneca-Upshur LLC, which included an additional estimated 100,000 net acres prospective in the Marcellus Shale.
Most recently, the Company acquired acreage in the Utica Shale play. These assets are located in southeastern Ohio and represent early entry into an emerging liquid-rich play with the potential to contribute substantial resources to the Company’s drilling portfolio.
Throughout its history PDC Energy has demonstrated the ability to grow its operations profitably while expanding its knowledge and experience.