Penn-Virginia's Eagle Ford Shale proved reserves increased by 189% in 2013 to 75.6 mmboe (89% oil and NGLs). That's ~55% of the company's estimated total proved reserves.
The year-over-year increase in proved reserves was partially tied to a $401 million dollar deal in April 2013, when the company acquired ~40,600 gross (19,000 net) acres from Magnum Hunter Resources.
Overall, Penn-Virginia's Eagle Ford position grew 19% to 80,000 net acres in 2013. The company now has an estimated ~1,125 drilling locations.
Penn Virginia Fourth Quarter 2013 Eagle Ford Production
Penn Virginia had record oil production in the fourth-quarter of 11,139 b/d. Total production for the quarter was 13,111 boe/d. That's up ~5% from 12,489 boe/d.
During the quarter, the company decreased completion costs per well and increased productivity.
The peak average rate of production for 23 gross (12.3 net) of the company's most recent wells was 1,582 boe/d. 86% of production was oil. The average lateral length for these 23 operated wells 5,722 feet.
179 gross (116.7 net) wells were producing at the end of 2013. 13 gross (10.1 net) operated wells were being completed or awaiting completion at the end of the year. Two gross (0.9 net) outside operating wells were being completed. Six (4.2 net) operated wells being drilled.
Read more at PennVirginia.com