Penn Virginia Corp. (PVA) Acquires Acreage in Eagle Ford Shale
Penn Virginia Corp. reported the purchase of acreage in South Texas that is prospective for the Eagle Ford Shale, marking the company’s first purchase in the Eagle Ford Shale. Settled with cash on hand, Penn Virginia Corporation acquired 6,800 net acres for $31.1 million. Penn Virginia Corporation said that the acreage is contiguous to the company’s existing acreage in the area. The new acreage comprises at least forty locations that can be used for horizontal drilling. The company said that the properties contain mostly oil. This was the company’s second acquisition over the last three months. In May 2010, Penn…