Core Oil & Gas Plays
Penn Virginia Corporation (OT: PVAH) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale of south Texas.
Penn Virginia was incorporated in the Commonwealth of Virginia in 1882. Our headquarters and corporate office is located in Radnor, Pennsylvania, and our operations are primarily conducted from our office in Houston, Texas. We also have district operations facilities at various locations in Texas.
In mid-2010, we made the decision to shift our investment and production focus away from natural gas and toward higher margin oil and NGLs. Over the course of five years, we have succeeded in transforming ourselves from a predominantly natural gas producer to a predominantly oil and NGL producer. Since year-end 2010, we have increased our acreage position in the Eagle Ford Shale from approximately 7,500 net acres to approximately 100,000 net acres and, in 3Q15, crude oil and NGLs accounted for approximately 80 percent of total production and 90 percent of product revenues as compared to 15 percent of production and 26 percent of product revenues in 2009. Our Eagle Ford Shale properties are located principally in the “volatile oil window” of the Lower Eagle Ford and also in the "Upper Eagle Ford" portion of the play, and we believe they provide us with decades of drilling inventory based on our current pace of drilling.