Penn Virginia Corporation announces closing of Eagle Ford shale acquisition
RADNOR -- Penn Virginia Corporation announced that it has closed its previously announced acquisition of producing properties and undeveloped leasehold interests in the Eagle Ford Shale play from Magnum Hunter Resources Corporation for approximately $360 million in cash and the issuance of 10 million shares of common stock.
The acquisition had an effective date of January 1, 2013 and the purchase price adjustment paid to MHR at closing in cash was approximately $19 million, along with the assumption of approximately
$16 million of net current liabilities.
The cash portion of the purchase price was funded by proceeds from the private placement of debt securities.