Penn Virginia Corporation Provides Updated Guidance for the Fourth Quarter of 2011
RADNOR, Pa.--(BUSINESS WIRE)-- Penn Virginia Corporation (PVA) today provided an update of fourth quarter 2011 guidance.
Fourth Quarter 2011 Guidance Update
Fourth quarter 2011 guidance highlights are as follows:
- Fourth quarter production guidance of 10.7 to 11.0 Bcfe, approximately 24 percent of which is expected to be crude oil and approximately 12 percent of which is expected to be natural gas liquids.
- The revised fourth quarter production guidance represents a decrease of 1.5 to 1.7 Bcfe from previous guidance of 12.2 to 12.7 Bcfe, primarily due to the timing of Eagle Ford Shale completions and the use of a revised type curve profile for estimating production from Eagle Ford Shale wells.
We remain pleased with the results of our Eagle Ford Shale drilling program and remain confident in the reserve expectations and attractive economics for our Eagle Ford wells.
Penn Virginia Corporation is an independent oil and gas company engaged primarily in the development, exploration and production of natural gas and oil in various domestic onshore regions including Texas, Appalachia, the Mid-Continent and Mississippi. For more information, please visit our website at www.pennvirginia.com.
Certain statements contained herein that are not descriptions of historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for natural gas, natural gas liquids and oil; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of natural gas, natural gas liquids and oil; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable costs and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas companies; uncertainties related to expected benefits from acquisitions of oil and natural gas properties; environmental liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in our filings with the Securities and Exchange Commission (SEC).
Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect managements views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Penn Virginia Corporation
James W. Dean
Vice President, Corporate Development
Source: Penn Virginia CorporationCopyright Business Wire 2011