RADNOR, Pa., July 15, 2015 (GLOBE NEWSWIRE) — Penn Virginia Corporation (NYSE:PVA) today announced that it has entered into an agreement to sell its East Texas assets to an undisclosed buyer for gross cash proceeds of $75 million. The sale is expected to close by the end of August 2015 and is subject to customary purchase price adjustments and other customary closing conditions. The effective date of the sale is May 1, 2015.
The properties to be sold had net production of approximately 1,870 barrels of oil equivalent (BOE) per day during the second quarter of 2015, consisting of 76% natural gas, 16% natural gas liquids (NGLs) and 8% oil. As a result of the divestiture, reported 2015 production is expected to decrease by an estimated 200,000 BOE. Estimated proved reserves associated with the divested properties at year-end 2014, as determined by third party engineers, were 13.7 million BOE, 85% of which were proved developed. The reserves consisted of 77% natural gas, 16% NGLs and 6% oil.
Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company engaged in the exploration, development and production of oil, natural gas liquids and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas. For more information, please visit our website at www.pennvirginia.com.
CONTACT: James W. Dean Vice President, Corporate Development Ph: (610) 687-7531 Fax: (610) 687-3688 E-Mail: firstname.lastname@example.org