Penn Virginia Corp. (NYSE: PVA) is seeking a partner to acquire 40% working interest in its Lavaca County Eagle Ford Shale acreage.
Penn Virginia’s current partner has elected to go non-consent on the last 17 initial unit wells drilled or expected to drill on the acreage. As a result, the company’s net Eagle Ford Shale acreage in Lavaca County will increase from 9,200 acres to 13,400 acres upon the drilling of all of these initial unit wells.
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, the current 40% working interest partner will have no participatory rights in any subsequent wells drilled in such unit.
According to the release, Penn Virginia expects each of the drilling units will support up to an additional four primary development wells after the initial well.
Penn Virginia is headquartered in Radnor, Pa. The company has not set a timeframe for the working interest partner search or hasn’t given any assurance that its search will be successful.
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