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Penn Virginia Sales its Eagle Ford Shale Midstream Assets

Source: www.gulfoilandgas.com 2/3/2014, Location: North America

Penn Virginia Corporation has closed the announced sale of substantially all of its Eagle Ford Shale natural gas midstream assets to American Midstream Partners, LP. The gross cash proceeds of the sale were $100 million. Net of its partners' interests in the gross proceeds from this sale, PVA intends to use the proceeds of approximately $94 million to help fund its 2014 capital expenditures plan.

Acquest Advisors LLC, served as PVA's financial advisor in connection with the sale transaction. Separately, PVA announced today that it has retained Scotia Waterous (USA) Inc. as its exclusive financial and technical advisor in the potential sale of its Mid-Continent and Mississippi (Selma Chalk) assets. The assets include proved reserves of approximately 26 million barrels of oil equivalent and daily production of approximately 4,200 barrels of oil equivalent.

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