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Penn Virginia Corporation (PVA)

  • Jul. 10, 2014, 4:34 PM
    • Penn Virginia (PVA) agrees to acquire Eagle Ford acreage for $45M from an unnamed seller.
    • The acquired acreage is adjacent to PVA's Shiner area, and is estimated to contain ~150 gross potential drilling locations, most of which should be prospective in the Upper Eagle Ford Shale.
    • PVA says the deal will bring its total Eagle Ford acreage position to ~142.5K acres.
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  • Jan. 22, 2014, 4:40 PM
    • American Midstream Partners (AMID) agrees to acquire a ~120-mile natural gas gathering and redelivery system in the Eagle Ford shale from a subsidiary of Penn Virginia (PVA) for ~$100M.
    • Upon closing the acquisition, AMID also will enter into a long-term, fee-based gathering agreement where PVA will dedicate for 25 years all current and future natural gas production from the areas served by the system.
    • To help pay for the deal, AMID announces a public offering of 3.4M of its common units.
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  • Nov. 20, 2013, 5:30 PM
    • Analysts say the $6B deal for GeoSouthern will give Devon Energy (DVN) a better balance between oil and natural gas.
    • Canaccord says oil currently accounts for 12% of DVN's total volume, and the deal likely significantly increases DVN's oil production, as GeoSouthern is the fourth largest oil producer in the Eagle Ford.
    • "The deal makes them more of an oil company and grows their production," says a Hodges Capital analyst. "A lot of people still have the idea that they are too much of a gas company and this deal will change that right away."
    • The investor reaction to the deal was tempered by the high price paid, which Richard Zeits says sets a new record in the Eagle Ford play in terms of price paid per net undeveloped acre in a major transaction; the major beneficiary today was Penn Virginia (PVA), whose shares surged 4% thanks to its strong presence in the area.
  • Apr. 3, 2013, 7:20 AM
    Penn Virginia (PVA) says it will buy all of Magnum Hunter Resources' (MHR) Eagle Ford Shale properties for $401M in a deal slated to close by mid-May. The purchase will add the equivalent of over 3.2M barrels of oil production a day for the company.
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Company Description
Penn Virginia Corp is an independent oil and gas company. The Company is engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas in onshore regions of the United States.