Penneco Profile
Incorporated in 1979, in Delaware, Penneco Oil Company, as operator, provides ongoing leasing, marketing, exploration, and drilling operations for natural gas and crude oil in Western Pennsylvania and West Virginia. Penneco, as a non-operator, owns leases and production in Oklahoma, Utah and Virginia.
PENNECO's developmental gas and oil wells are drilled in our Penneco Drilling Associates (PDA) partnerships, and since 1979, PDA partnerships have raised over Two Hundred Forty-Seven Million ($247,000,000) Dollars in partnership capital.
Penneco Oil Company has purchased over 29% of the total investment in each PDA drilling partnership and has invested an aggregate of over Sixty-Seven Million ($67,000,000) Dollars in these partnerships. PDA drilling partnerships offer both limited partnership interests (passive income/loss), general partnership interests (active income/loss), and a unique repurchase plan that offers liquidity.
PENNECO is the general partner of 34 oil and gas limited partnerships, which have drilled approximately 837 oil and gas wells in Allegheny, Armstrong, Bradford, Cambria, Clearfield, Greene, Fayette, Indiana, Jefferson, Washington and Westmoreland Counties in Pennsylvania and Monongalia, Preston, Tucker and McDowell Counties in West Virginia. PENNECO owns an additional 106 wells and operates approximately 792 wells in Western Pennsylvania. Many of the PDA partnerships have also included up to 25% interest in deep gas wells which have drilled in Pennsylvania, Maryland and West Virginia.
For 2008, the average PDA gas price was 8.62/MCF.
In 1998, Penneco introduced its Penneco Royalty Income Partnerships (PRP's.) which acquire proven oil and gas working interests, royalty interests, overriding royalty interests, production payments in producing oil and gas leases, oil and natural gas pipelines, and other oil and gas related assets. Income from the PRP's is passive income.
Penneco's business objective is to locate, develop, produce and profitably market gas and oil for its account and its PDA drilling partnerships.
With this in mind, we invite you to review our management, mineral reserves, and other opportunities.
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