Oil & Gas Exploration & Production M&A » By The Online Investor Staff, updated Tue., Apr. 23, 3:08 PM
Recent mergers and acquisitions in the Oil & Gas Exploration & Production M&A category.
| This Slide: #74 of 100 |
Slide #74. Penn Virginia Corporation — Eagle Ford Hunter, Inc.
Acquirer:
Penn Virginia Corporation (PVA)
Acquiree:
Eagle Ford Hunter, Inc.
Details:
Magnum Hunter Resources Corporation, announced that it has entered into a definitive agreement to sell all of its ownership interests in the Company's Eagle Ford Shale oil and gas properties in Gonzales and Lavaca Counties of South Texas to a wholly-owned subsidiary of Penn Virginia Corporation (NYSE: PVA) ("Penn Virginia") for a total purchase price of $401 million. The effective date of the sale will be January 1, 2013. The transaction has been structured as a sale by Magnum Hunter of its 100% stock ownership interest in a wholly-owned subsidiary, Eagle Ford Hunter, Inc.
Penn Virginia is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas liquid (NGL), and natural gas in various onshore regions of the U.S., primarily the Eagle Ford Shale in South Texas. Co.'s operations consist primarily of drilling unconventional horizontal development wells in the Eagle Ford Shale. Co. also has operations in the Granite Wash in Oklahoma, the Haynesville Shale and Cotton Valley in East Texas. As of Dec 31 2014, Co.'s proved reserves were approximately 115.0 million barrels of oil equivalent, of which 40% were proved developed reserves and 77% were oil and NGLs.
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