Penn Virginia Reports 2016 Q3
Penn Virginia Corp. has emerged from bankruptcy ready to resume activity in the Eagle Ford.
Related: Penn Virginia Files Chapter 11
On the heels of announcing they had completed restructuring required by the bankruptcy court, Houston-based Penn Virginia announced third quarter results last week.
Company executives said the company plan to restart Eagle Ford shale drilling by the end of November and will drill 16 to 19 net lower Eagle Ford wells in 2017.
Third quarter highlights include:
- Production from the Company’s Eagle Ford operations was 889 MBOE or 9,659 BOEPD
- 75% of Eagle Ford production was from crude oil, 15% was from natural gas liquids (NGLs) and 10% was from natural gas
- Production from Eagle Ford operations was 91% of total Company production
- The Company did not drill or complete a well during the third quarter and the last completed well was brought to sales in February 2016
- Restructuring reduced the Compay’s total long-term debt by approximately $1.1 billion.
“We anticipate resuming our development program running a one to two-rig program in 2017, targeting the drilling of 16 to 19 net lower Eagle Ford wells, with 13 to 16 net wells turned to sales during the year. We plan to concentrate our activity within our two-string, lower Eagle Ford area of development within Gonzales County and northwestern Lavaca County. We also plan to test our slickwater completion methodology down-dip in our three-string lower Eagle Ford higher pressured acreage as well as the upper Eagle Ford which is prevalent across our acreage.”