Penn Virginia Sells E TX Assets for $75M – Avoiding Soros?

Although headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller with only a small presence in the Marcellus Shale: 21,700 net acres with no drilled wells. They concentrate on oil drilling the Texas Eagle Ford Shale play. MDN told you in March that Penn Virginia’s top stockholder, the vile corporate raider George Soros, forced them to put themselves up for sale so George can line his pockets with more cash (see George Soros Finally Bullies Penn Virginia into Selling Itself). The company got an offer from BP, but rejected it as too low, just last month (see BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too). Another major investor, Lone Star Value Management, told Penn Virginia to take BP’s money, but so far they haven’t (see Major Investor Tells Penn Virginia to Take BP’s Money and Run). Amidst all of this turmoil Penn Virginia announced yesterday they’ve sold some of their East Texas “assets”–acreage and operating wells–to an “undisclosed buyer” for $75 million…

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