Penn Virginia sells certain non-core South Texas assets for $13 million

Penn Virginia Corp. (NYSE: PVA) has sold certain non-core South Texas assets to an undisclosed buyer for gross cash proceeds of $13 million.

The divested properties are located in far southwest Gonzales County, Texas, a distance away from Penn Virginia’s main acreage block, and include three producing wells with September net production of 250 barrels of oil equivalent (boe) per day, 950 net developed acres and estimated mid-year 2015 proved developed reserves, as determined by third-party engineers, of 595,000 boe.

Following the sale, Penn Virginia still holds leasehold interests in 100,400 net acres in South Texas, including approximately 52,500 undeveloped net acres.

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