Penn Virginia Corp. (PVA) entered into an agreement to sell its East Texas assets to an undisclosed buyer for $75 million in proceeds, the company said July 15.
During second-quarter 2015, about 1,870 barrels of oil equivalent per day (boe/d) were produced—76% natural gas, 16% NGL and 8% oil. Because of the sale, 2015 production will likely decrease by 200Mboe, Penn Virginia said.
Third-party engineers said that there were 13.7MMboe of estimated proved reserves on the divested properties at year-end 2014-- 77% natural gas, 16% NGL and 6% oil. Of the reserves, 85% were proved developed.
The sale is scheduled to close at the end of August, and its effective date is May 1.
Radnor, Pa.-based Penn Virginia Corp. operates in Texas, the Marcellus Shale and the Midcontinent.
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