Penn Virginia Corp. (PVA) said Oct. 6 it has sold certain noncore South Texas assets to an undisclosed buyer for $13 million in cash.
The divested properties are located in southwest Gonzales County, Texas, which the Eagle Ford Shale-focused company said is a significant distance away from its main acreage block.
The properties include three producing wells and about 950 net developed acres.
Estimated mid-year 2015 proved developed reserves, as determined by third party engineers, was about 595,000 barrels of oil equivalent (boe). Production in September was about 250 net boe/d.
Following the sale, the company, based in Radnor, Pa., said it still holds leasehold interests in 100,400 net acres in South Texas. This includes about 52,500 undeveloped net acres.
Recommended Reading
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2024-01-26 - The oil and gas rig count, an early indicator of future output, rose by one to 621 in the week to Jan. 26.
Second Light Oil Discovery in Mopane-1X Well
2024-01-26 - Galp Energia's Avo-2 target in the Mopane-1X well offshore Namibia delivers second significant column of light oil.
CNOOC Sets Increased 2024-2026 Production Targets
2024-01-25 - CNOOC Ltd. plans on $17.5B capex in 2024, with 63% of that dedicated to project development.
E&P Highlights: Jan. 29, 2024
2024-01-29 - Here’s a roundup of the latest E&P headlines, including activity at the Ichthys Field offshore Australia and new contract awards.
Seadrill Awarded $97.5 Million in Drillship Contracts
2024-01-30 - Seadrill will also resume management services for its West Auriga drillship earlier than anticipated.