Penn Virginia Corporation, is an independent oil and gas company engaged primarily in the exploration, development and production of oil, natural gas liquids and natural gas in various onshore regions of the United States, with a primary focus in Texas, and, to a lesser extent, the Mid-Continent, Mississippi and the Marcellus Shale in Appalachia.
As of December 31, 2012, the Company's proved reserves were approximately 113 million barrels of oil per day , of which 41% were proved developed reserves and 40% were oil and NGLs. In February 2014, the Company sold all Eagle Ford Shale natural gas midstream assets to American Midstream Partners, LP.
During the year ended December 31, 2012, the Company's production totaled 6.5 million barrels of oil per day. Texas, the Mid-Continent, Mississippi and Appalachia consists of 56% , 19%, 13% and 12% of total production volumes, during 2012. In the three years ended December 31, 2012, the Company drilled 166 gross (117.0 net) wells, of which 96% were productive.
As of December 31, 2012, the Company had 1,103 gross (910.8 net) productive wells, approximately 97% of which the Company operates, and owned approximately 0.3 million gross (0.2 million net) acres of leasehold and royalty interests, approximately 53% of which were undeveloped. The Company's proved undeveloped locations and additional potential drilling locations are direct offsets or extensions from existing production. In 2012, the Company sold all legacy natural gas assets in West Virginia, Kentucky and Virginia which consists of a 0 portion of the operations in Appalachia.