Penn Virginia Corporation issued an operational update on its oil and gas exploration and development activities for the second quarter of 2010.
Penn Virginia Corporation reported total oil and gas production of 115.1 million cubic feet of natural gas equivalent per day during the second quarter of 2010. The company produced 134.7 million cubic feet of natural gas equivalent per day in the same quarter of 2009. The production numbers were presented on a pro forma basis to exclude assets from the Gulf Coast area that the company sold last year.
In East Texas, Penn Virginia Corporation drilled a total of four horizontal wells during the quarter, with two targeting the Cotton Valley formation and two wells targeting the Haynesville formation.
Penn Virginia Corporation reported that the company drilled twelve horizontal wells in the Panhandle region in the Mid Continent in conjunction with its joint venture operating partner. The company completed nine wells, all of which were targeting the Granite Wash formation.
Penn Virginia Corporation drilled four wells in Mississippi that targeted the Selma Chalk formation during the second quarter of 2010. The company is operating one rig here for the balance of the year.
Penn Virginia Corporation reported no drilling or completion activities in the company’s Appalachia region. The company plans to spend up to $63 million to acquire leasehold in the area.
For more information on the company, go to http://www.pennvirginia.com/
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