Penn Virginia Corporation has announced plans for the Eagle Ford through 2018, including over 500 drilling locations in Gonzalez and Lavaca Counties.
Related: Baytex: Excited About the Eagle Ford
Executives for Penn Virginia expressed their excitement over the company's activity in the Eagle Ford Shale during a recent earnings call. The company plans to spend $120 and $140 million in 2017 and will allocate approximately 90% of the budget on drilling and completions in the Eagle Ford.
Eagle Ford Operations
Production from the company's Eagle Ford assets accounted for 90% of total production during 2016. The company is projecting it will continue to focus on its eagle Ford assets throughout 2017.
- Fourth quarter production: 773 MBOE, or 8,402 BOEPD
- 74% from crude oil - 14% from NGLs - 12% from natural gas
- Completed 24 gross wells in the lower Eagle Ford since 2016
- Proved reserves increased 17% to 47.0 MMBOE at year-end 2016 compared to 40.1 MMBOE at year-end 2015
- Capital expenditures for 2017 are expected to total between $120 and $140 million
Penn also gave a peak into 2018, and estimates a two-rig Eagle Ford development program with a capex of $125 to $145 million with production at 4.6 to 5.0 MMBOE.