Penn Virginia in Eagle Ford buy

USA

HOUSTON, January 2, 2018 – Penn Virginia has agreed to acquire USD 86 million worth of Eagle Ford assets, the company announced on Tuesday.

The purchase from Hunt Oil Company will increase Penn Virginia’s output by 1,870 boepd and its reserves by 3.8 million boe, the company statement added.

“This bolt-on acquisition is an excellent fit at an attractive price, increasing our working interest in properties we already own but did not operate,” said John A. Brooks, president and CEO of Penn Virginia. “It will establish the company as operator in 99% of its Eagle Ford assets and improve our ability to optimise our development plan across Area 1.”

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