Penn Virginia Corp.

Transaction Type
Sellers
Marketers
Basin
Arkoma, Anadarko
Post Date
Close Date
Estimated Price
MM
Description

Penn Virginia Corp. has retained RBC Richardson Barr to sell its interests in producing properties and related assets primarily in the Arkoma and Anadarko basins of Oklahoma.

The package consists of 535 producing wells, both operated and non-operated, on approximately 100,000 net acres primarily targeting the Hartshorne and Booch coals. Approximately 60% of the acreage is held by production and conveys rights on all depths that are controlled.

The wells are in Beaver, Ellis, Dewey, Custer, Washita, Noble, Pawnee, Logan, Canadian, Oklahoma, Cleveland, Grady, McClain, Stephens, Garvin, Hughes, Pittsburg, McIntosh, Haskell, Latimer, Sequoyah and La Flore counties in Oklahoma and Ochitree, Lipscomb, Upton and Irion counties, Texas.

Production for July is projected to be 7.3 million cubic feet of gas equivalent per day, with monthly cash flow of $654,000. Total net proved reserves are 51.5 billion cubic feet equivalent and proved, probable and possible reserves are 329.9 billion cubic feet equivalent.

Upside includes an inventory of more than 900 horizontal Hartshorne coal and Woodford shale resource play drilling locations, and an additional 32 opportunities in documented behind-pipe potential.

The bid due date is June 15. Contact Kevin W. Juno, 713-585-3361, kevin.juno@rbccm.com.