RADNOR, Pa.--(BUSINESS WIRE)-- Penn Virginia Corporation (NYSE: PVA) today announced record levels of proved oil and gas reserves and pro forma production and provided an update of its oil and gas operations, including full-year and fourth quarter 2010 results.
Operational results for the year ended December 31, 2010 included the following:
- Record year-end proved oil and gas reserves of 942 billion cubic feet of natural gas equivalent (Bcfe) as compared to 935 Bcfe at year-end 2009 (911 Bcfe, pro forma to exclude 24.0 Bcfe of Gulf Coast reserves sold in January 2010);
- Proved developed reserves increased to 53 percent from 46 percent;
- Proved oil and natural gas liquid (NGL) reserves increased to 21 percent from 17 percent; and
- PV-10 value (pre-tax present value of proved reserves, discounted at 10 percent, a non-GAAP measure) increased 28 percent to $878 million from $688 million.
Operational results for the fourth quarter of 2010 included the following:
- Production of 13.1 Bcfe, or 142.5 million cubic feet of natural gas equivalent (MMcfe) per day, a 27 percent increase as compared to 10.3 Bcfe, or 111.8 MMcfe per day, pro forma to exclude 1.0 Bcfe of production from Gulf Coast assets sold in January 2010; and
- Oil and NGL production increased to 21 percent of quarterly production from 16 percent in the fourth quarter of 2009.