Businessweek

Penn Virginia Corporation, an independent oil and gas company, engages primarily in the exploration, development, and production of natural gas and oil in various domestic onshore regions of the United States, including Texas, Appalachia, the Mid-Continent, and Mississippi. As of December 31, 2011, the company’s proved reserves were approximately 883 billion cubic feet of natural gas equivalent. Its operations include primarily unconventional developmental drilling opportunities and exploratory prospects. As of December 31, 2011, the company owned approximately 1.1 million net acres of leasehold and royalty interests. The company’s fields include Carthage field in the Cotton Valley and Haynesville Shale plays in east Texas; Marcellus Shale in Pennsylvania; Selma Chalk in Mississippi; and Eagle Ford Shale in Texas. As of December 31, 2011, the company had 7 gross (5.8 net) wells in progress, majority of which were located in the Eagle Ford Shale play in south Texas. Its 2 (1.3) net wells under evaluation are located in the Marcellus Shale in Pennsylvania. Customers The company’s customers include Connect Energy Services, LLC, a subsidiary of Penn Virginia Resource Partners, L.P.; Enogex, LLC; Chesapeake Operating, Inc.; Plains Marketing LP; and Shell Trading (US) Company. Significant Events In October 2012, Penn Virginia Corporation announced that it acquired approximately 4,100 net Eagle Ford Shale acres in Gonzales and Lavaca Counties, Texas. The acquired 3,200 net acres of leasehold in Gonzales County is adjacent to development area and is estimated to contain approximately 20 horizontal well locations, excluding any down spaced drilling opportunities. History Penn Virginia Corporation was founded in 1882.