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Eagle Ford Operator Armed With 64,000 Net Acres Looking for Buyer
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After emerging from bankruptcy just last year, Eagle Ford-focused E&P Penn Virginia on the hunt for a buyer, according to a report by Reuters.
Jefferies LLC has been tapped to assist in a potential sale of the company and its assets, which consist of over 63,000 net acres across the Eagle Ford and Granite Wash plays. The company produced 9,500 boe/d as of Q1 with 71% liquids mix. Estimated proved reserves of the assets is ~49.5 MMBOE.
The 63,000 net acres is split between the Eagle Ford and Granite Wash Assets. Most recently Shale Experts Research Group wrote about the fact that the company has begun to optimize its completion design with remarkable results.
The company eliminated $1.1 billion in debt in its bankruptcy filing and its majority shareholders are several hedge funds…
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