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June 2, 2014
07:37 EDTPVAPenn Virginia announces sale of Mississippi assets for $72.7M
Penn Virginia announced that it has entered into a definitive agreement to sell its Mississippi assets to an undisclosed buyer for gross cash proceeds of $72.7M. The sale is expected to close in July and is subject to customary purchase price adjustments and other customary closing conditions. The effective date of the sale is April 1. The properties to be sold had net production of approximately 11.9M cubic feet of natural gas equivalent per day during 1Q14, almost 100% of which was natural gas. As a result of the divestiture, our FY14 production will decrease by an estimated 1.9 billion cubic feet of natural gas equivalent. Estimated proved reserves associated with the divested properties, as determined by our third party engineers at year-end 2013, were 85.3 Bcfe, 69% of which were proved developed and approximately 100% of which were natural gas.
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