South Texas

As of July 2014, PVA had approximately 142,500 gross (approximately 102,000 net) acres in the volatile oil window of the Eagle Ford Shale play in Gonzales and Lavaca Counties, Texas.  We entered this play in August 2010 and have built an estimated inventory in excess of 1,600 drilling locations. 

For the second half of 2014, we expected to utilize eight operated drilling rigs in the Eagle Ford Shale.  We continue to consider opportunities to expand our position, having added approximately 95,000 net acres through acquisitions, leasing and non-consents over the past four years.  In the Eagle Ford Shale, we estimate as of December 31, 2013 that we have approximately 75.6 million barrels of oil equivalent (MMBOE) of proved reserves, 89% of which was oil and NGLs and 11% of which was natural gas, with 29% being proved developed.  In the Eagle Ford Shale as of December 31, 2013, we also had internally estimated  total reserves of approximately 190 MMBOE, including proved, probable and possible reserves.