Penn Virginia acquires acreage in the Eagle Ford Shale play:
Penn Virginia Corporation today announced that it 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.