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Acquisition Pushes Penn Virginia Past 100,000 Eagle Ford Acres

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By Darren Barbee, Hart Energy
July 11, 2014

Penn Virginia Corp. (NYSE: PVA) announced plans July 10 to acquire 11,660 net Eagle Ford Shale acres from multiple sellers in Lavaca County, Texas for about $45 million.

The transaction, combined with recent leasing, will bring Penn’s total Eagle Ford acreage position to about 101,800 net acres, the company’s target. The acquired acreage is northeast of Penn’s Shiner area prospect and is estimated to offer about 150 gross potential drilling locations, most of which the company expects will be prospective in the Upper Eagle Ford Shale.

The purchase price —about ...

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