Since our inception in 2011, it took us only 1 year to become a producing company, and a little less than 2 years for us to become listed on the NYSE in 2013. With our recent closing on our additional acreage in Colorado, we now have over 60,000 gross acres and interests in 45 producing wells in the prolific Wattenberg, Wattenberg Extension and Colorado Mineral Belt. We are rapidly becoming one of the major players in the Niobrara play.
In the course of this acquisition, we also brought in a new partner, RJ Resources, which is a subsidiary of a billion dollar investment fund. Like MIE Holding (HK:1555), RJ Resources will be a key alliance partner for PED moving forward. With financial backing from RJ Resources, PED is in a position to launch an aggressive development program on our Niobrara assets and have access to the capital needed to accomplish our strategic plan in 2014.
As a recent research report on PED poignantly pointed out, our company is not just about “repeatable drilling”. We bring our management and entrepreneurial experience from world class majors (our management and the Board being Texaco alumni) and the best and forefront technology and practices (our operation team is comprised of some of the pioneers in horizontal drilling in the U.S.). We bring experience, people, and opportunities together to produce results and create shareholder value.
The closing of this acquisition was just the kickoff for 2014. Internally, our focus will be on organic growth and our drilling program on our expanded Colorado acreage as well as our Mississippian asset. Externally we will continue to work on the international expansion opportunity into Kazakhstan and other exciting opportunities with our strategic partners.
Last week our management team was in New York and visited our trading booth at the NYSE. Stay tuned for the date of the PED bell ringing.