Penn Virginia Marcellus Shale Acreage Stands at 35,000 – Looking to Invest $48 Million in 2010 to Add More

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, we drilled one (0.8 net) Marcellus Shale vertical exploratory well which was recently stimulated with approximately one million pounds of sand. The well is currently cleaning up and being evaluated. We continue to add to our acreage position in the Marcellus Shale, increasing our acreage position to approximately 35,000 net acres, and we expect to spend up to $48 million in 2010 to add leasehold acreage in our existing and new prospect areas.*

*Penn Virginia Corporation Press Release – Penn Virginia Corporation Provides Operational Update (PDF file)