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Penn Virginia Acquires Additional Eagle Ford Shale Acreage

Source: www.gulfoilandgas.com 10/3/2012, Location: North America

Penn Virginia Corporation announced that it acquired approximately 4,100 net Eagle Ford Shale acres in Gonzales and Lavaca Counties, Texas for approximately $10 million. Under existing joint venture agreements, other non-operated working interest owners are expected to acquire approximately 17 percent of the net acreage in Gonzales County and approximately 46 percent of the net acreage in Lavaca County, increasing our Eagle Ford Shale acreage position by approximately 3,000 net acres to a total of approximately 30,000 net acres (approximately 40,100 gross acres).

The acquired 3,200 net acres of leasehold in Gonzales County is adjacent to our development area and is estimated to contain approximately 20 horizontal well locations, excluding any down spaced drilling opportunities. The acquired 895 net acres of leasehold in Lavaca County is complementary to existing leasehold in nine units, with an estimated addition of approximately 10 horizontal well locations.

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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