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.
“This is an exciting time for Penn Virginia. We restarted the Eagle Ford drilling program in November 2016 by drilling the third well on the three-well Sable pad and have since drilled seven additional wells with six wells completed. We have identified approximately 525 gross lower Eagle Ford drilling locations across our approximately 54,000 net acres of core oil-rich acreage in Gonzales and Lavaca Counties.”
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.