Penn Virginia Corp. announced in July of 2014 that it will acquire ~13,125 (11,660 net) Eagle Ford acres in Lavaca County, TX for $45-million.
The transaction will bring the company's total Eagle Ford position to 142,500 (101,800 net) acres. The newly acquired assets are located next to the company's Shiner area. Officials estimate ~150 gross potential drilling locations from the acquired acreage, most of which will be prospective for the Upper Eagle Ford Shale.
Recently, Penn-Virginia stated it planned to further expand its Eagle Ford position to a minimum of 100,000 net acres. With this most recent acquisition, the company will reach its target goal.
Read more: Penn Virginia Seeks to Expand Eagle Ford Position
“This acquisition is an optimal fit with our current acreage position in Lavaca County, and we believe is primarily prospective in the Upper Eagle Ford Shale, but could also have potential in the Lower Eagle Ford Shale and Austin Chalk.”
Penn-Virginia has been growing aggressively in the Eagle Ford. During the first quarter alone, the company added 6,400 net acres at a cost of $3,000 per acre.
Closing for the recently acquired Lavaca County acreage will be in August of 2014.