Acquiring Penn Virginia’s Eagle Ford presence
Denbury Resources (ticker: DNR) announced a major change today, with the acquisition of Penn Virginia (ticker: PVAC). The $1.7 billion deal represents a significant shift for Denbury, adding unconventional assets to the company’s portfolio of conventional and EOR fields.

Penn Virginia owns a major position in the Eagle Ford, holding over 84,000 net acres in the play. The company has an estimated 560 gross drilling locations available. Penn Virginia is currently producing 22 MBOEPD, and holds reserves of 83 MMBOE. The company’s assets are oil-weighted, though not to the extent of Denbury’s. Penn Virginia produces 74% oil, while Denbury is at about 97% oil production.

Source: DNR Investor P...

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