Penn Virginia has acquired approximately 6,800 net Eagle Ford Shale acres located primarily in Gonzales County, Texas for $31.1 million. The acquisition was funded with cash on hand.
The acreage is highly contiguous and is estimated to contain over 40 horizontal well locations, with our working interest averaging approximately 73 percent (net revenue interest averaging approximately 55 percent). We will operate and expect reserves from wells on the acreage to be predominantly oil.
A. James Dearlove, President and Chief Executive Officer, stated, "We are pleased to have expanded our portfolio to include a position in one of the most exciting new plays in the industry. This acquisition, in a core area of the Eagle Ford Shale, provides us with a high-quality; oily position which we believe will be an excellent use of the proceeds from recent divestitures of non-core assets."
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