Attached files
Exhibit
99.1
Penn
Virginia Corporation
Three
Radnor Corporate Center, Suite 300, 100 Matsonford Road, Radnor, PA
19087
FOR
IMMEDIATE RELEASE
|
Contact:
|
James W.
Dean
|
Vice President, Corporate
Development
Ph: (610)
687-7531 Fax: (610) 687-3688
E-Mail:
invest@pennvirginia.com
PENN
VIRGINIA CORPORATION ANNOUNCES THE CLOSING OF ITS
GULF
COAST DIVESTITURE FOR $38.0 MILLION
PURCHASES
SELMA CHALK ASSETS FOR $6.0 MILLION
RADNOR, PA (BusinessWire) February 1,
2010 – Penn Virginia Corporation (NYSE: PVA) announced today that it has
closed the previously announced sale to a private company of its Gulf Coast
assets in south Louisiana and south Texas for $38.0 million. In
addition, PVA purchased from the same private company oil and gas assets located
in the Gwinville Field in Jefferson Davis County, Mississippi for $6.0
million.
The
assets acquired in Mississippi, consisting of approximately 1,300 (925 net)
acres, are adjacent to PVA’s Selma Chalk assets and have an estimated 10 gross
horizontal drilling locations. The acquired assets include estimated
proved reserves of 3.4 billion cubic feet of natural gas equivalent and
current net production of approximately 1.0 million cubic feet of natural gas
equivalent per day.
******
Penn
Virginia Corporation (NYSE: PVA) is an independent natural gas and oil company
focused on the exploration, acquisition, development and production of reserves
in onshore regions of the U.S., including East Texas, the Mid-Continent region,
Mississippi and the Appalachian Basin. PVA also owns approximately 51 percent of
Penn Virginia GP Holdings, L.P. (NYSE: PVG), the owner of the general partner
and the largest unit holder of Penn Virginia Resource Partners, L.P. (NYSE:
PVR), a manager of coal and natural resource properties and related assets and
the operator of a midstream natural gas gathering and processing
business.
Certain
statements contained herein that are not descriptions of historical facts are
“forward-looking” statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from those expressed or
implied by such forward-looking statements. These risks,
uncertainties and contingencies include, but are not limited to, the following:
the volatility of commodity prices for natural gas, natural gas liquids
(NGLs) and crude oil; integrating and managing the newly acquired oil
and gas assets with PVA’s existing oil and gas exploration and production
business; the extent to which the amount and quality of actual production of our
oil and natural gas differs from estimated proved reserves; the
availability and costs of required drilling rigs, production equipment and
materials; our ability to obtain adequate pipeline transportation capacity for
our oil and gas production; competition among producers in the oil and natural
gas industry generally; operating risks, including unanticipated geological
problems, incidental to our business; the occurrence of unusual weather or
operating conditions, including force majeure events; environmental risks
affecting the drilling and producing of oil and gas wells; the timing of receipt
of necessary governmental permits by us; accidents; changes in governmental
regulation or enforcement practices, especially with respect to environmental,
health and safety matters; risks and uncertainties relating to general
domestic and international economic conditions (including inflation, interest
rates and financial and credit markets) and political conditions (including the
impact of potential terrorist attacks); and the other risks set forth in our
Annual Report on Form 10-K for the fiscal year ended December 31,
2008.
Additional
information concerning these and other factors can be found in our press
releases and public periodic filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year ended December
31, 2008. Many of the factors that will determine our future results
are beyond the ability of management to control or predict. Readers
should not place undue reliance on forward-looking statements, which reflect
management’s views only as of the date hereof. We undertake no
obligation to revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new information, future
events or otherwise.