Penn Virginia Corp., Radnor, Pa., (NYSE: PVA) reports Behnke #1-1H (49% working interest) well in the Texas Granite Wash had initial production of 16.2 million cubic feet of gas equivalent per day.
The Snider #1-5H (53%) had an initial rate of 5.7 million cubic equivalent per day. Penn Virginia drilled five total (2.2 net) Granite Wash horizontal wells during the first quarter.
Three wells drilled in the fourth quarter 2009 but completed in the first quarter 2010 were the McGurk #2-6H (51%) with initial production of 18 million cubic equivalent per day; the Kliewer #3-18H (12%) with initial production of 7.1 million cubic equivalent per day with an IP rate; and the Kliewer #4-18H (12%) with initial production of 7.9 million cubic equivalent per day.
Penn Virginia is currently operating two development-drilling rigs in the Granite Wash play in Washita County, Oklahoma and expects to add a third operated rig during the second quarter to begin testing up to four internally generated exploration prospects.
During the first quarter, despite facing delays in completions, production from the Granite Wash increased to 25.2 million cubic equivalent per day, a 71% increase compared to 14.8 million cubic equivalent per day in the first quarter of 2009. This is also a 14% compared to 22.2 million cubic equivalent per day in fourth quarter 2009.
Penn Virginia currently has approximately 25,000 net acres in the Granite Wash, and the company expects to spend up to $15 million in 2010 to add leasehold acreage in our existing and new prospect areas.
Penn Virginia has assets in East Texas, Mississippi, the Midcontinent, the Appalachian Basin and the Gulf Coast of Louisiana and Texas.
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