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Penn Virginia Lowers Costs with Two-String Wells; Modified Frac Design Boosts 30 Day IP
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Penn Virginia Corporation reported financial results for the three months ended September 30, 2015 and provided updates of its operations and guidance.
Key Points: The average gross well cost for 11 (two-string) wells turned in line during the third quarter of 2015 was approximately $5.7 million, down 30% from an average of $8.2 million for 16 (two-string and three-string wells) wells turned in line in the second quarter of 2015. The decrease in average well cost was driven by a transition to drilling exclusively two-string wells. Third quarter production from our Eagle Ford operations was 18,528 BOEPD, a 9% decrease from the 20,259 BOEPD produced in the second quarter of 2015. Since the end of the second quarter of 2015, we have turned in line 11 (8.5 net) operated wells. As a group…- ✓ Full news archive — U.S., Canada & international coverage
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