Saturday, May 31, 2008

Penn Virginia Announces Results

Penn Virginia Corporation (NYSE: PVA) announced results from a Haynesville Shale test well yesterday. The well, Fogle #5-H, in Harrison County Texas had an initial production rate of 8.0 MMcf per day with a flowing casing pressure of approximately 5,000 pounds. Because of existing pipeline constraints in the area, the well will produce at 5.0 MMcf at 6,000 PSI for a couple of months. PVA expects the well to produce at an initial rate of 10-15 MMcf per day going forward. The well was drilled to a depth of 11,378' with a 3,861 lateral extension.

PVA, which has 53,000 net acres in East Texas has drilled and completed a number of test wells, including four in the deep Bossier Shale and Haynesville Shale (also referred to as the Lower Bossier Shale).