One-Page Deal Sheet
Penn Virginia Sells Eagle Ford Midstream Project Rights
Republic Midstream Llc Penn Virginia Corp
Announced Date
July 30,2014
Close Date
July 30,2014
Transaction Type
Asset
Transaction Details: Require Private Equity Subscription
Penn Virginia Corporation has sold the right to construct and operate a crude oil gathering and intermediate transportation system covering a portion of its Eagle Ford Shale acreage to Republic Midstream, LLC for $150 million.
Republic is a joint venture funded by ArcLight Capital Partners, LLC that is managed by American Midstream Partners, LP and JP Energy Partners, LP (JPE). AMID and JPE are both affiliates of ArcLight. Part of the net proceeds from the sale will be used to repay the outstanding balance on our revolving credit facility, and the remainder will be used to help fund our…