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Penn Virginia Corporation Announces Year-End 2012 Proved Reserves And Provides Operational Update

Production

 
Total and Daily Equivalent Production for the Three Months Ended
Dec. 31,   Dec. 31,   Sept. 30,       Dec. 31,   Dec. 31,   Sept. 30,
Region / Play Type   2012   2011   2012 2012   2011   2012
(in MBOE) (in BOEPD)
Texas 944 816 901 10,265 8,869 9,792
Cotton Valley/Other 216 270 216 2,352 2,940 2,345
Haynesville Shale 96 147 104 1,041 1,603 1,130
Eagle Ford (1) 632 398 581 6,872 4,326 6,317
Appalachia 7 362 107 78 3,933 1,165
Mid-Continent 266 372 289 2,892 4,044 3,136
Mississippi 203   239   208 2,209   2,602   2,256
Totals 1,421   1,789   1,504 15,444   19,449   16,348
Pro Forma Totals (2) 1,421   1,442   1,403 15,444   15,671   15,245
 
 

Total and Daily Equivalent Production for the Year Ended December 31,

Region / Play Type   2012   2011   2010       2012   2011   2010
(in MBOE) (in BOEPD)
Texas 3,671   2,976   2,304 10,029   8,152   6,311
Cotton Valley/Other 882 1,367 1,253 2,411 3,745 3,432
Haynesville Shale 454 756 1,051 1,241 2,073 2,879
Eagle Ford (1) 2,334 852 --- 6,377 2,335 ---
Appalachia 784 1,511 1,733 2,143 4,138 4,748
Mid-Continent 1,211 2,180 2,557 3,309 5,973 7,005
Mississippi 847   1,092   1,274 2,314   2,993   3,490
Totals 6,513   7,759   7,867 17,794   21,257   21,553
Pro Forma Totals (2) 5,773   5,897   5,539 15,776   16,157   15,176
 
(1)   Initial production from the Eagle Ford Shale commenced in February 2011.
(2) Pro forma to exclude production from the Appalachian assets sold in July 2012, Mid-Continent assets sold in August 2011 and Gulf Coast assets sold in January 2010.

Note - Numbers may not add due to rounding.

The production in the fourth quarter of 2012 and full-year 2012 exceeded the upper end of our previously provided guidance. As shown in the table above, on a pro forma basis to exclude production from assets sold in 2011 and 2012, production in the fourth quarter of 2012 was 1.4 MMBOE, or 15,444 BOEPD, compared to 1.4 MMBOE, or 15,671 BOEPD, in the prior year quarter and 1.4 MMBOE, or 15,245 BOEPD, in the third quarter of 2012. As a percentage of total equivalent production, oil and NGL volumes were 56 percent in the fourth quarter of 2012, compared to 37 percent in the prior year quarter and 52 percent in the third quarter of 2012.

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