Penn Virginia (PVA) reported earnings for the first quarter of 2010, and issued an operational update on its activities in the Haynesville Shale. The company has budgeted $70 million, or 23% of its total 2010 capital expenditures to drill 8 net wells here.
Penn Virginia drilled 3 gross, or 2.8 net horizontal wells in the Haynesville Shale during the first quarter of 2010. The company has five wells waiting to be completed, with the delay caused by a shortage of fracturing equipment needed to stimulate the well.
Penn Virginia has one operated rig targeting the Haynesville Shale, and due to the delay in completions in the Haynesville Shale, will move that rig to develop the Cotton Valley formation until the completion backlog is lowered.
