PDC Energy +11% as year-end reserves surge

PDC Energy (PDCE +11.1%) shares are surging after reporting total proved reserves as of Dec. 31 were 266M boe vs. 193M boe in the prior year.

Pre-tax PV-10 proved reserve value rose to $2.7B as of Dec. 31 vs. $1.7B at year-end 2012, driven primarily by highly economic reserve additions in the Wattenberg Field; proved reserves at year-end 2013 were comprised of ~54% liquids and 46% natural gas.

PDCE plans to ramp up the pace of development by adding a fifth drilling rig in Wattenberg in Q2 2014 and a second drilling rig in the Utica in H2.

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