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Penn Virginia Corporation Announces Third Quarter 2012 Results; Provides Updates Of Operations And Full-Year 2012 Guidance; Provides Preliminary 2013 Guidance

Stocks in this article: PVA

Recent Eagle Ford operational highlights are as follows:

  • We have completed eight (6.7 net) Eagle Ford Shale wells and acquired one (1.0 net) Eagle Ford Shale well since early August. This brings the total number of on-line wells to 59 (49.1 net), with one (0.9 net) well being completed and the 61 st through 63 rd wells being drilled
    • The average peak gross production rate per well for the 49 wells we completed with full-length laterals was 986 barrels of oil equivalent (BOE) per day (BOEPD)
    • The initial 30-day average gross production rate for the 45 of these 49 wells with a 30-day production history was 656 BOEPD
    • Eagle Ford Shale oil production will begin to increase late in 2012 with the recent addition of a third drilling rig
  • Our Eagle Ford Shale net production was approximately 6,300 BOEPD during the third quarter of 2012, with oil comprising approximately 84 percent, NGLs approximately nine percent and natural gas approximately seven percent
  • The results of seven wells drilled and completed to date in Lavaca County continue to meet our expectations with an average initial production of 829 BOEPD and significant back pressures, as well as 30-day average rates for five of these wells of 678 BOEPD, which exceeds our 30-day average in Gonzales County
  • As previously disclosed, we have increased our Eagle Ford Shale acreage position in Gonzales and Lavaca Counties, Texas to approximately 40,000 gross (30,000 net) acres with up to approximately 285 remaining drilling locations

Management Comment

H. Baird Whitehead, President and Chief Executive Officer stated, “Our third quarter results met our expectations, with Adjusted EBITDAX at or above $60 million for the fifth consecutive quarter. We believe our cash operating margin per unit of production is among the best of our small cap peers. We have had excellent well results in the Eagle Ford Shale and are pleased with our recent Eagle Ford Shale acreage additions and increases to our drilling inventory. The recent addition of the third rig in the Eagle Ford Shale play will allow us to resume sequential crude oil as well as overall production growth, on a pro forma basis, as we enter 2013. Recent acreage additions and derisking of our Lavaca County, Texas acreage now provide a greater than six-year inventory of drilling locations for a three-rig program.

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