Penn Virginia Corporation has entered into a definitive agreement to sell substantially all of its Appalachian assets, with the exception of the Marcellus Shale, to an undisclosed buyer for gross cash proceeds of $100 million.

This sale is expected to close before mid-August and is subject to customary purchase price adjustments and other customary closing conditions. The effective date of the sale is January 1, 2012.

The compny intend to use the net proceeds from this sale to help fund our 2012 capital expenditure plan.

Tags: Penn Virginia Corporation