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Stock Market & Financial Investment News

News Breaks
December 16, 2013
08:33 EDTPVAPenn Virginia announces sale of Eagle Ford shale assets for $100M
Penn Virginia announced that it has entered into a definitive agreement to sell substantially all of its Eagle Ford Shale natural gas midstream assets to a newly-formed affiliate of ArcLight Capital Partners for gross cash proceeds of $100M. This sale is expected to close during the first quarter of 2014 and is subject to customary closing conditions. Net of our partners' interest in the gross proceeds from this sale, we intend to use the remaining proceeds of approximately $95 million to help fund our 2014 capital expenditure plan. The assets to be sold include a natural gas gathering and gas lift system including approximately 119 miles of pipelines and associated facilities located in Gonzales and Lavaca Counties, Texas.
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