Aqua America is one of the largest U.S.-based, publicly-traded water utilities with almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. They also have a joint venture with Penn Virginia Resource Partners called PVR Water Services which provides water to Marcellus drillers in Pennsylvania. So far [...]
Penn Virginia announced today it’s selling off all of its Appalachian drilling operations—except for its Marcellus Shale drilling operations—for $100 million. They are also closing their Canonsburg, PA regional office. Why the sale? They want to get out of debt and plow the proceeds into drilling in the Marcellus and in the oily parts of [...]
The CEO of drilling company Penn Virginia has expressed disappointment with the output of the first three Marcellus Shale wells they have drilled in Pennsylvania. From a press release issued Tuesday:
More gleanings from year-end financial statements from drilling companies, this time from Cabot Oil & Gas and Penn Virginia Corporation. Of note, Cabot talks about the “prolific nature” of their 44 Marcellus gas wells, and Penn Virginia will drill their second Marcellus gas well in 2011 as they continue to shift their resources to the [...]
Penn Virginia Corporation (“PVA”) announced it has acquired approximately 10,000 net Marcellus Shale acres primarily in Potter, Somerset and Tioga Counties, Pennsylvania in two transactions for approximately $19.5 million in cash and overriding royalty interests on a portion of the acquired acreage. The first acquisition was from a private oil and gas firm who was [...]
We get the following details on Penn Virginia Corporation’s Marcellus drilling activities from their quarterly operational report: Marcellus Shale – [PVC spent] approximately $17 million, or six percent, to drill five (3.8 net) horizontal and vertical wells primarily to test our acreage position in Potter and Tioga Counties, Pennsylvania. During the first quarter of 2010, [...]
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