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Penn Virginia Increased Acreage in Eagle Ford Shale

Source: www.gulfoilandgas.com 12/18/2012, Location: North America

Penn Virginia Corporation announced that our current 40 percent working interest partner in our Lavaca County Eagle Ford Shale acreage has elected to go non-consent on the last 17 initial unit wells we have drilled or expect to drill on this acreage. We intend to seek a partner to acquire this 40% working interest, but we have not set a timeframe nor can we give any assurance that our search will be successful.

Of these 17 initial unit wells, seven have been drilled, two are being drilled and eight remain to be drilled. Upon the drilling of each of these initial unit wells, our current 40 percent working interest partner will have no participatory rights in any subsequent wells drilled in such unit. As a result, our net Eagle Ford Shale acreage in Lavaca County will increase from approximately 9,200 acres to approximately 13,400 acres upon the drilling of all of these initial unit wells.

We expect that each of the drilling units will support up to an additional four primary development wells after the initial well. To date, our Lavaca County wells have generally met or exceeded expectations with average reserves of approximately 500 MBOE and attractive economics.

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