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Penn Virginia Prices Offering to Fund Eagle Ford Acceleration

Penn Virginia Corporation has reported the pricing of its private offering to eligible holders of 2,750,000 depositary shares, each representing a 1/100th interest in a share of 6.00 percent Convertible Perpetual Preferred Stock, Series B with a liquidation preference of $10,000 per share.

PVA has granted the initial purchasers of the depositary shares a 30-day option to purchase up to an additional 500,000 depositary shares. The offering is expected to settle and close on June 16, 2014, subject to customary closing conditions.

PVA estimates that the net proceeds from the offering of depositary shares, after deducting the initial purchasers' discount and estimated offering expenses, will be approximately $264.2 million (or $312.5 million if the initial purchasers exercise their overallotment option to purchase additional shares in full). PVA intends to use the net proceeds from the private offering to finance the acceleration of its development program in the Eagle Ford Shale with the remainder being used to increase its lease acquisition effort in the Eagle Ford Shale.

Announced Date
June 11,2014
Value  ( $MM )
264.2
Type
Equity-Stock-Sales
Use of Fund
General Purpose
Company
Penn Virginia Corp
Regions
Gulf Coast - South Texas
Country
United States
Play
Eagle Ford Shale

Contacts
Penn Virginia Corp
Bill Hopson
 Operations Manager
 Houston ,Texas ,77024
 713-722-6500

Clay Sullivan
Manager of Drilling
 Houston ,Texas ,77024
 713-722-6500

Ed Johnson
 Vice President, Land
 Houston ,Texas ,77024
 713-722-6500

Francis Falbo Jr.
 VP, Engineering
 Radnor ,Pennsylvania ,19087
 610-687-8900

Jerry Gilmore
 Vice President, Exploration
 Houston ,Texas ,77024
 713-722-6500

Jill Zivley
 Vice President of Oil & Gas Marketing
 Houston ,Texas ,77024
 713-722-6500


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