8. Penn Virginia (PVA) is an independent oil and gas company with presence in various onshore regions include East Texas and Marcellus Shale regions.
The company's proved reserves increased to 942 billion cubic feet equivalent (Bcfe) at the end of 2010 from 935 Bcfe at 2009 end. The proved reserve increases are attributable to core assets in the Haynesville Shale, Selma Chalk, horizontal Cotton Valley and Granite Wash, with decreases in Appalachia and smaller Mid-Continent fields. The company did not disclose any proved reserves for Eagle Ford or Marcellus Shales at the end of 2010 but additions are expected when drilling starts at these wells during 2011.
The management said production for 2010 fourth quarter was in the upper half of the earlier guidance range of 12.4 to 13.4 Bcfe, although lower than third quarter 2010 volumes, primarily attributable to production declines and shifting drilling rigs to the Eagle Ford and Marcellus Shale from the Cotton Valley and Selma Chalk.Based on consensus estimates, the stock is expected to deliver 20% in a year's time and has 56% analysts' buy ratings.
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