Penn Virginia Corporation (NYSE: PVA) has released their first three months report for 2010. The results were compared to the first quarter of 2009. An example is the quarterly oil and gas production of 10.3 billion cubic feet of natural gas equivalent (Bcfe), or 114.9 million cubic feet of natural gas equivalent (MMcfe) per day is lower compared to 13.7 Bcfe, or 152.3 MMcfe per day in 2009.
A. James Dearlove, President and Chief Executive Officer, said, “Compared to the prior year quarter, we experienced a decline in oil and gas production primarily resulting from our decision to suspend drilling
during a large part of 2009. Also affecting production in the first quarter of 2010 were equipment-related delays in well completions in East Texas and the Granite Wash play. As detailed in our separate
operational update, we expect our drilling program to intensify in these two areas and anticipate sequential quarterly production growth for the balance of 2010.”
