Penn Virginia Corporation

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In an October, 2008 Radnor, Pennsylvania-based Penn Virginia Corporation (NYSE: PVA) was reported to be leasing Pennsylvania land prospective for Marcellus shale and has the intention of drilling there in 2009. So far it has leased roughly 40,000 net acres mainly in Pennsylvania.

According to an August, 2008 report their partner in the venture is Zone Oil & Gas of Buffalo, New York. The project includes 3-D seismic mapping and drilling up to six wells in the Appalachian Basin. It covers 40,000 acres under lease in Fayette, Potter, Somerset, Tioga, and Westmoreland Counties in Pennsylvania.

A February, 2009 update provided by Penn Virginia indicated that the company had conducted 50 miles of 2-D seismic in northern Pennsylvania and planned to drill two Marcellus shale wells there by the end of 2009.

PVA also owns an extensive leasehold position in southcentral West Virginia including 8500 acres in Mason County and 30,000 in Boone County. During 2007 two horizontal wells were drilled in Mason County targeting the Huron shale. In Boone County one horizontal well targeting the Huron has been drilled and a second, vertical well was completed to both the Marcellus shale and the Huron shale. According to the aforementioned report in February, 2009 the company opted to defer the capital costs of connecting up these West Virginia Huron wells to a gathering system preferring instead to deploy the capital elsewhere during 2009.

A. James Dearlove is Penn Virginia's President and CEO.