Texas: Penn Virginia adds Eagle Ford shale acreage

Penn Virginia Corp., Radnor, Pa., has increased its acreage position in the Eagle Ford shale play to 30,000 net, 40,100 gross acres with the acquisition of 4,100 net acres in Gonzales and Lavaca counties, Tex., for $10 million.

Under existing joint venture agreements, other nonoperated working interest owners are expected to acquire 17% of the net acreage in Gonzales and 46% of the net acreage in Lavaca, increasing Penn Virginia’s Eagle Ford position by 3,000 net acres.

The acquired 3,200 net acres of leasehold in Gonzales is adjacent to Penn Virginia’s development area and is estimated to contain 20 horizontal well locations, excluding any downspaced drilling opportunities. The acquired 895 net acres of leasehold in Lavaca is complementary to existing leasehold in nine units, with an estimated addition of 10 horizontal well locations.