Haynesville Shale

Penn Virginia Corporation - Haynesville Shale Update - Q3 2010

Penn Virginia Corporation (PVA) reported the completion of four gross wells into the Haynesville Shale during the third quarter of 2010.  These wells had initial production rates ranging from 5.3 million to 8.7 million cubic feet equivalent per day.

Although Penn Virginia Corporation is encouraged by the results of its development program here, the company has decided to defer further drilling until natural gas prices recover sufficiently to provide better returns to the company.

Penn Virginia Reports Five Haynesville Shale Completions

Penn Virginia (PVA) updated the company’s activity in the Haynesville Shale for the second quarter of 2010. The company reported the completion of five recent wells drilled and completed into the Haynesville Shale. The names of the wells and the initial production rates are:

Brown #6-H – 10.4 million cubic feet per day.

Fults #2-H – 15.3 million cubic feet per day.

Hendry #1-H – 2.4 million cubic feet per day.

Timmons #3-H – 8.9 million cubic feet per day.

J and R Tiller #1-H – 10 million cubic feet per day.

Penn Virginia Corporation said that the Hendry #1-H Haynesville Shale well had a casing problem that prevented the completion of the full lateral. The Brown #6-H and Fults #2-H had average production rates of 7.4 and 11.2 million cubic feet per day, respectively, during the first thirty days of production. Penn Virginia Corporation drilled 2 gross or 1.8 net Haynesville Shale wells during the second quarter of 2010

Penn Virginia Updates Haynesville Shale Program

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.