Penn Virginia Corp. (PVA) said Oct. 6 it has sold certain noncore South Texas assets to an undisclosed buyer for $13 million in cash.
The divested properties are located in southwest Gonzales County, Texas, which the Eagle Ford Shale-focused company said is a significant distance away from its main acreage block.
The properties include three producing wells and about 950 net developed acres.
Estimated mid-year 2015 proved developed reserves, as determined by third party engineers, was about 595,000 barrels of oil equivalent (boe). Production in September was about 250 net boe/d.
Following the sale, the company, based in Radnor, Pa., said it still holds leasehold interests in 100,400 net acres in South Texas. This includes about 52,500 undeveloped net acres.
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