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Pacific Energy Development Secures Financings, Closes Offers

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March 10, 2014

In order to begin working on about 28,000 net acres in the Denver-Julesberg basin acquired from an unnamed oil and natural gas company, Pacific Energy Development Corp. (NYSE MKT: PED) entered into a 3-year debt facility with RJ Resources, a subsidiary of a New York investment management group, Pacific Energy said March 10.

RJ Resources will be a 50% working interest partner in the assets development process, the company said, noting that this arrangement will allow a more aggressive drilling program.

The company has an interest in 14,000 net acres, ...

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