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Stock Market & Financial Investment News

News Breaks
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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August 25, 2014
11:44 EDTPVAStocks with call strike movement; PVA HLF
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07:14 EDTPVAPenn Virginia sees Q3 production 1,909 MBOE-2,024 MBOE
Sees Q3 total production 20,750 BOEPD-22,000 BOEPD. Although well results continue to meet or exceed expectations, the company anticipates delays in the timing of completions associated with 2H14 drilling program, including those wells to be drilled with the recently added seventh and eighth drilling rigs. In addition, as a result of the delays, the company now expects four fewer wells will be turned in line in 2014, with those four wells now expected to be turned in line during 1Q15. Pro forma for the sale of the company's Mississippi assets, which closed at the end of July, the company now expects a 1%-7% increase in production in Q3 over Q2 and a 29%-36% increase in production in Q4 over Q3. The company's Eagle Ford production is expected to increase approximately 50%-60% in Q2 over the first half, driven by continued well completions and anticipated strong well results.

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