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TheStreet Open House

Penn Virginia Corporation's CEO Presents At Barclays CEO Energy-Power Conference (Transcript)

Penn Virginia Corporation (PVA)

Barclays CEO Energy-Power Conference Call

September 04, 2012, 01:45 pm ET

Executives

Baird Whitehead - Chairman and CEO

Analysts

Presentation

Unidentified Analyst

I would like to welcome to our conference, Penn Virginia Corporation. With us from the company today for the presentation is Baird Whitehead. He is Penn Virginia’s Chairman and CEO.

Baird Whitehead

Thank you, Jeff. I would like to introduce Jim Dean, our Vice President of IR is also here with me. Penn Virginia is of course a small cap onshore E&P company. Our focus over the last couple of years has been Eagle Ford Shale. We've had excellent results to-date. We've a built a sizeable position for a company our size in the Gonzales and Lavaca County areas.

At the same time, we have a principal and production position in East Texas, which is our Cotton valley and Haynesville Shale, which are both horizontal plays, the Mid-Continent with our Granite Wash and Mississippi with our Selma Chalk play, which is also gassy but horizontal.

We have made a significant transition to oil and liquids over the last couple of years, but you know, some part of the upside of this company remains within improvement in natural gas prices. The past two years have been transformational and we have diversified our portfolio towards an oil and liquids kind of portfolio.

We have had very successful drilling in the Eagle Ford Shale. We now have 53 wells on line, 48 of which are in Gonzales County, five of which are in Lavaca County and we continue to add to our Eagle Ford drilling inventory. Beginning this year, we added with about a 13000 gross [format] from a large company in Lavaca County, we have drilled six wells.

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