Imperial Capitals Global Opportunities Conference Investor Presentation September 19, 2013 NYSE: PVA
Current Geographic Footprint Emerging Oil and LiquidsRich Plays Plus Optionality in Significant Gas Plays Eagle Ford and Other Regions Appalachian Region MidContinent Cotton Valley Marcellus/Other Proved reserves: 12.5 MMBOE Proved…
Overview of the Eagle Ford Shale Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Condensate Rich Gas EFS Operators Gonzales PVA BHP San Antonio CHK Wilson COG Bexar COP Lavaca CRK CRZO Atascosa EOG…
Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 109,900 gross (62,300 net) acres in Gonzales and Lavaca Counties, TX Gonzales Operator of 96,600 (55,800 net) acres 58% WI Nonoperator of…
Eagle Ford Shale Operational Update Recent Eagle Ford Shale Well Activity and Results GonzoHunter 3WellPad ElkHunter OnFlowBack 3WellPad IP:4,450BOEPD GonzoSouth1H IP752BOE/D Stag&PlatypusHunter 3WellPad BuffaloHunter1H…
Positive Trend in Recent Eagle Ford Shale Well Results Wellhead Volumes, Excluding NGL Recoveries On both an absolute basis and a per frac stage basis, we have seen an increase in our wells average initial production rates over the…
Improving Capital Efficiencies, Bigger Wells and Pads Well Costs and Drilling/Completion Times Our well costs have decreased over time and are expected to decline further In addition to reduced stimulation costs beginning in 2H13, a…
Growing Our Eagle Ford Shale Position MHR Acquisition and Active Leasing Effort Have Significantly Expanded Our Position Acreage Acquisition History Fayette Leasing Gonzales Magnum Hunter (2013) Hunt / MHR (2013) Bozka (2012)…
Growing Our Eagle Ford Shale Position Net Acreage and Well Locations Growth in Net Acreage and Drilling Locations 100 1,000 90 900 Recent Leasing 80 800 Thousands of Net Acres 70 700 Drilling Locations MHR…
Growing Our Eagle Ford Shale Position Producing Wells 10
Growing Our Eagle Ford Shale Position Net Daily Production 11
Growing Our Eagle Ford Shale Position Net Proved Reserves 12
Capital Spending Program 2013 Capital Spending Focused on Eagle Ford Drilling Fullyear 2013 capital expenditures expected to be approximately 490MM Four operated rigs (after mid2013) Two nonoperated rigs 2013 capital spending is…
Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field (Gonzales and Lavaca Counties)(1) Shiner Field (primarily Lavaca County)(1) Assumptions Assumptions Longer lateral lengths in 2013…
Type Curves Peach Creek and Shiner Fields Peach Creek Field (Gonzales and Lavaca Counties) Shiner Field (primarily Lavaca County) 15 (1) Based on YE12 PUDs, excluding shortlength lateral wells, applied to longer length laterals in…
Eagle Ford Shale Drilling Inventory Drilling Inventory Due to both acquisitions and leasing efforts over the past two years, our acreage position is now 109,900 gross (62,300 net) acres primarily in the volatile oil window(1) We…
Value Creation Via Downspacing and Reduced Well Costs Value Implications of Reduced Well Spacing and Well Costs Previous Current 1 Mile = 5,280 1 Mile = 5,280 1,155 420 330 1,155 330 330 420 330 1,155 420 Wells per…
Eagle Ford Shale Operating Margins High Cash Operating Margin Play 18
Hedging Strategy Protect Cash Flow Maintain an active hedging program to help support capital spending program and ensure strong coverage metrics Hedges in place to protect cash flow Natural gas hedging is currently 67% of…
Investment Highlights Excellent and sizeable position in the volatile oil window of the Eagle Ford Shale Tremendous investment leverage to this leading oil resource play Approximately 140 MMBOE of pro forma 3P reserves in the Eagle…
Appendix 21
CompanyWide Drilling Inventory Pro Forma PVA Has a Healthy Inventory of Drilling Locations Total inventory of up to 1,244 gross undrilled locations (1,063 horizontal locations) Up to 881 gross horizontal drilling locations in the…
Midstream Assets and Takeaway Capacity Over 100 Miles of Gas Gathering and Gas Lift Pipelines Over 100 miles of pipelines 8 and 6 low pressure gathering line 4 high pressure line to supply gas lift operations Gas sales were…
Capitalization and Credit Statistics As of and for the Three and Twelve Months Ended June 30, 2013 Capitalization ( in millions) 6/30/13 Working capital (deficit) (18.6) Debt Revolving credit facility 67.0 7.25% senior notes…
NonGAAP Reconciliation Year ended December 31, LTM 2008 2009 2010 2011 2012 2Q13 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 93.6 (130.9) (65.3) (132.9) (104.6) (128.9) Add: Income tax…
Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com
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