Penn Virginia Corporation lowered fourth quarter 2011 production guidance along with its Eagle Ford type curves. Not much detail was given, but the release indicated there have been delays in completing wells and that the company has revised its expected well profiles.
Fourth quarter production guidance of 10.7 to 11.0 Bcfe, approximately 24 percent of which is expected to be crude oil and approximately 12 percent of which is expected to be natural gas liquids.
The revised fourth quarter production guidance represents a decrease of 1.5 to 1.7 Bcfe from previous guidance of 12.2 to 12.7 Bcfe, primarily due to the timing of Eagle Ford Shale completions and the use of a revised “type curve” profile for estimating production from Eagle Ford Shale wells.
We remain pleased with the results of our Eagle Ford Shale drilling program and remain confident in the reserve expectations and attractive economics for our Eagle Ford wells.