Penn Virginia Corporation has entered into a definitive agreement to acquire approximately 13,125 (11,660 net) Eagle Ford Shale acres in Lavaca County, Texas for approximately $45 million, of which approximately $34 million will be paid at closing and the balance of approximately $11 million will be paid over time as a drilling carry. The sale is expected to close in August 2014 and is subject to customary closing conditions.
The transaction, combined with recent leasing, will bring our total Eagle Ford Shale acreage position to approximately 142,500 (101,800 net) acres. The acquired acreage is adjacent to our Shiner area and is estimated to contain approximately 150 gross potential drilling locations, most of which we expect will be prospective in the Upper Eagle Ford Shale.
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