Texas: Penn Virginia adds Eagle Ford acreage

By OGJ editors
HOUSTON, Feb. 24
-- Penn Virginia Corp., Radnor, Pa., completed its first Eagle Ford shale in South Texas as it added 4,100 net acres for $14.5 million in Gonzales County, bringing its holding to 10,200 net acres in the play’s volatile oil window.

The Gardner 1H well, in Gonzales County, had a peak 24-hr rate of 1,100 b/d of 41.5° gravity oil and 1 MMcfd of gas on a 16/64-in. choke with 2,200 psi flowing tubing pressure. It had 16 frac stages in a 4,600 ft lateral at 10,684 ft true vertical depth. Penn Virginia has 83% working interest.

Estimated natural gas liquid yield is 190 bbl/MMcf.

Penn Virginia expects its partner in the initial 7,000-acre Eagle Ford acquisition will purchase as much as one-sixth working interest in the new acreage, which is estimated to have 40 horizontal well locations.

Penn Virginia will drill as many as 29 Eagle Ford wells in 2011, increasing to three rigs from one. Its Eagle Ford capital program is $165 million.

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