The company said that its partner in its initial Eagle Ford Shale acquisition will buy up to a one-sixth working interest, or about 700 net acres, in the newly acquired acreage.
With this acquisition, Penn Virginia Corp increases its net Eagle Ford Shale acreage to about 10,900 net acres (10,200 net acres, assuming its partner buys a one-sixth working interest).
The acquired leasehold, which is estimated to contain about 40 additional horizontal well locations, is in the vicinity of the company’s initial Eagle Ford Shale acreage position.
Penn Virginia Corp has also reported drilling success at its initial Eagle Ford Shale well, the Gardner #1-H.
The company holds an approximate 83% working interest in the well, which had initial production rate of approximately 1,250 barrels of oil equivalent per day.
