Penn Virginia Floats $250M Private Stock Offering, Stick in Soros’ Eye

Penn Virginia Corporation is a very small bit player when it comes to drilling in the Marcellus Shale. According to NGI’s Shale Play Factbook, Penn Virginia still owns 38,000 acres of Marcellus leases. The last well they drilled in the Marcellus was, from everything we can tell, sometime in 2011 (see Penn Virginia Disappointed with Output from First Three Marcellus Shale Wells Drilled in PA). Three months ago Penn Virginia was in the cross hairs of billionaire corporate raider George Soros (see Penn Virginia the Latest Plaything for Billionaire George Soros). Soros wants the company to sell itself. It has not–and instead announced yesterday they’re floating $250 million of convertible preferred stock…

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