As of September 30, 2011, PVA had approximately 45,000 net acres primarily in Harrison and Panola Counties, Texas in the horizontal Cotton Valley (Davis and Taylor sands) and the Haynesville Shale plays.
We entered this play in 2003 and have an estimated inventory of up to approximately 80 horizontal Cotton Valley and 183 horizontal Haynesville Shale locations. We operate our acreage in this play and have working interests ranging from 50% to 100%. We expect the Cotton Valley to be at least 30% oil and NGLs, while the Haynesville Shale is primarily dry gas. We estimate that we had approximately 267 Bcfe of Cotton Valley 3P reserves and 505 Bcfe of Haynesville Shale 3P reserves at year-end 2010.
Due to the largely held-by-production status of our acreage and the relatively high natural gas content, especially in the Haynesville Shale, we have elected to defer drilling in East Texas until natural gas prices strengthen.