Penn Virginia Corp.

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Penn Virginia Corp. has retained Scotia Waterous (USA) Inc. to sell an undivided portion of its Marcellus shale acreage in Pennsylvania and New York.

The package includes an average 90% working interest (79% net revenue interest) in a concentrated leasehold of approximately 42,000 net undeveloped acres in the Marcellus fairway in Potter, Tioga, Butler and Armstrong counties in Pennsylvania and Allegany County in western New York.

The deal structure includes the acquisition of a nonoperated position under conventional joint-venture/joint-operating agreement terms. Penn Virginia will be operator of the joint-venture properties.

Upside includes approximately 280 horizontal locations to be drilled on current leasehold.

The bid due date is March 15. Contact John Wehrle, 832-426-6024,