Penn Virginia Corporation (PVA) issued an operational update on its exploration and production activities in the Haynesville Shale and other areas in its portfolio. Penn Virginia refers to this area as the Lower Bossier Shale in East Texas.
“The recent results from our Lower Bossier Shale wells in East Texas are significantly better than our earlier test wells and we look forward to recommencing drilling in that play,” said James Dearlove, the CEO of Penn Virginia.
During the second quarter, the company drilled two Lower Bossier Shale wells in East Texas. Production from its wells here averaged 16.8 MMcfe per day in the quarter. The company had previously reported the completion results of the Steele #2-H well which had an initial production rate of approximately 11.4 Mmcfe per day. Another recently completed well was the J.M. Furrh #2-H well, which had an initial production rate of approximately 9.6 Mmcfe per day.
Penn Virginia Corporation will hold its second quarter earnings conference call on Thursday, August 6, 2009 at 3:00 p.m eastern standard time. ___________________________________________________________________
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