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.
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.
Read more at pennvirginia.com