Penn Virginia To Spend $401M On Eagle Ford Shale Biz

Law360, New York (April 3, 2013, 4:59 PM EDT) -- Penn Virginia Corp. will fork over $401 million for all of Magnum Hunter Resources Corp.’s Eagle Ford Shale properties, substantially increasing the oil and gas firm’s acreage and potential for new development in the high-demand play, it said Wednesday.

The assets to be acquired through the deal include 19,000 net mineral acres spread between Gonzales and Lavaca counties in south-central Texas, beside Penn Virginia’s existing Eagle Ford holdings. On the swath sits 46 producing wells, bringing the company’s total Eagle Ford wells to 117, with another...
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