January 2, 2018 / 1:19 PM / 6 months ago

BRIEF-Penn Virginia to Acquire Assets in Eagle Ford Shale

Jan 2 (Reuters) - Penn Virginia Corp:

* PENN VIRGINIA ANNOUNCES ACCRETIVE ACQUISITION IN CORE AREA AND PROVIDES OPERATIONAL UPDATE ON SIGNIFICANT WELL RESULTS

* PENN VIRGINIA CORP - ACQUISITION IS EXPECTED TO BE FUNDED WITH BORROWINGS UNDER COMPANY’S CREDIT FACILITY

* PENN VIRGINIA CORP - AGREED TO ACQUIRE ASSETS IN EAGLE FORD SHALE, PRIMARILY IN GONZALES AND LAVACA COUNTIES, FROM HUNT OIL COMPANY FOR $86 MILLION IN CASH​

* PENN VIRGINIA CORP - DEAL TO BE ACCRETIVE TO CO UNDER ALL MEASURES, INCLUDING EARNINGS, CASH FLOW AND NET ASSET VALUE PER SHARE

* PENN VIRGINIA CORP - ‍COMPANY’S CAPITAL EXPENDITURES FOR 2018 ARE PROJECTED TO BE HIGHER DUE TO ANTICIPATED DRILLING ON ACQUIRED HUNT ACREAGE​

* PENN VIRGINIA CORP - ANTICIPATE FULL YEAR 2018 PRODUCTION TO GROW APPROXIMATELY 120% FROM 2017

* PENN VIRGINIA CORP - ‍ PRO FORMA GUIDANCE FOR 2018 FULL YEAR CAPITAL EXPENDITURES OF $320 MILLION - $360 MILLION​

* PENN VIRGINIA CORP - ‍ EXPECTS TO FINANCE HUNT ACQUISITION WITH BORROWINGS UNDER COMPANY’S CREDIT FACILITY

* PENN VIRGINIA - ‍IS IN DISCUSSIONS WITH ITS BANK LENDING GROUP TO AMEND AND INCREASE ITS CREDIT FACILITY BEYOND CURRENT BORROWING BASE OF $237.5 MILLION​

* PENN VIRGINIA CORP - ‍COMPANY STILL EXPECTS TO SPEND WITHIN CASH FLOW BY YEAR-END 2018​ Source text for Eikon: Further company coverage:

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