29 Glossary of Terms 1P Proved Reserves LCV Lower Cotton Valley 2P Probable Reserves M Bbls One thousand barrels of oil 3P Possible Reserves M CF One thousand cubic feet of gas bbl or bo barrel of oil M CFe One thousand cubic feet of gas equivalent BCFE Billion Cubic Feet Gas Equivalent (oil & gas combined 6:1 mcfepd One thousand cubic feet of gas equivalent per day CAPEX Capital Expenitures M MCF One million cubic feet of gas CCV Completed Cotton Valley M MCFe One million cubic feet of gas equivalent CVS Cotton Valley Sand Well mmcfg Million cubic feet gas CWC Completed Well Cost mmcfgpd Million cubic feet gas per day E&P Exploration and Production PE Petroleum Engineer Poss Possible Undeveloped Wells Present Value or PV When used with respect to oil and gas reserves, present value means the Estimated Future Net Revenues Prob Probable Undeveloped Wells PUD Proved Undeveloped Wells PVA Penn Virginia Corporation PVOG Penn Virginia Oil and Gas Spud To begin drilling operations on a well EUR Estimated Ultimate Recovery TP/P Travis Peak / Pettit TCFE Trillion cubic Feet Gas Equivalent (oil & gas combined 6:1 basis to gas equivalent JV Joint Venture UCV Upper Cotton Valley Takeaway Capacity The ability to move gas to a market for sale Estimated future gross revenue to be generated from the production of proved reserves, net of estimated production, future development costs, and future abandonment costs, using prices and costs in effect as of the date of the report or estimate, without giving effect to non-property related expenses such as general and administrative expenses, debt service and future income tax expense or to deprecation, depletion and amortization. Estimated Future Net Revenues Finding and Development Costs. Total acreage and completed well costs are divided by estimated net EUR per well. Our measure of F & D costs may not be comparable to other companies. At this time, internal estimates were also used for rate using Company owned rigs. F&D | 
