HOUSTON, July 31, 2018 (GLOBE NEWSWIRE) — Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced that Penn Virginia has closed the sale of its entire position in Oklahoma to a third party for a base price of $6 million, subject to customary adjustments.
The table below sets forth the Company’s operational data for the disposed Oklahoma properties and for Penn Virginia pro forma for the sale:
|Oklahoma Properties||Penn Virginia Pro Forma|
|Production (BOEPD) (1)||755||15,3950|
|Net Acreage (2)||7,150||83,800|
|2017 Reserves (MMBOE) (3)||2.4||82.6|
|Gross Producing Wells (3)||97||403|
- Production for the quarter ended March 31, 2018.
- As of March 31, 2018.
- As of December 31, 2017, pro forma for Hunt acquisition.
The sale of the Oklahoma properties completes Penn Virginia’s transition into a pure-play Eagle Ford company. The effective date of the Oklahoma sale is March 1, 2018.
About Penn Virginia Corporation
Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, with a focus in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com.