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.