Penn Virginia Corporation reported that its current 40 percent working interest partner in Lavaca County Eagle Ford Shale acreage has elected to go non-consent on the last 17 initial unit wells the company have drilled or expect to drill on this acreage. The company intend to seek a partner to acquire this 40% working interest, but the company have not set a timeframe nor can we give any assurance that our search will be successful.

Of these 17 initial unit wells, seven have been drilled, two are being drilled and eight remain to be drilled. Upon the drilling of each of these initial unit wells, our current 40 percent working interest partner will have no participatory rights in any subsequent wells drilled in such unit. As a result, the company net Eagle Ford Shale acreage in Lavaca County will increase from approximately 9,200 acres to approximately 13,400 acres upon the drilling of all of these initial unit wells.

Tags: Penn Virginia Corporation