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Penn Virginia Announces Closing Of Eagle Ford Shale Acquisition

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Penn Virginia Corp. (PVA: Quote) announced the closing of its previously announced acquisition of producing properties and undeveloped leasehold interests in the Eagle Ford Shale play from Magnum Hunter Resources Corp. (MHR) for about $360 million in cash and the issuance of 10 million shares of common stock.

The company stated that the acquisition had an effective date of January 1, 2013 and the purchase price adjustment paid to MHR at closing in cash was approximately $19 million, along with the assumption of about $16 million of net current liabilities.

Penn Virginia said that the cash portion of the purchase price was funded by proceeds from the private placement of debt securities.

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by RTT Staff Writer

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