Acquisitions & Divestitures

Penn Virginia Corp., Radnor, Pa., (NYSE: PVA) has entered a joint venture with an undisclosed major oil and gas company to jointly explore the Eagle Ford shale in Lavaca County, Texas.

The agreement establishes an area of mutual interest between Penn Virginia, as operator, and the other company covering approximately 13,000 gross acres near Penn Virginia’s existing acreage in southeastern Gonzales County. Depending on the future participation of other companies, Penn Virginia’s minimum working interest in this project will be approximately 50%. Preliminarily, Penn Virginia estimates that a minimum of ...