Penn Virginia buys Crow Creek Holding

By OGJ editors
HOUSTON, June 14 -- Penn Virginia Corp., Radnor, Pa., on June 13 closed its $71.5 million acquisition of Crow Creek Holding Corp., a private Tulsa company formerly held by Natural Gas Partners, Dallas.

Crow Creek has operations primarily in the Oklahoma portions of the Arkoma and Anadarko basins. As of the transaction's effective date of Apr. 1, Penn Virginia estimates Crow Creek had net proved reserves of 42.7 bcf of gas equivalent, about 85% of which is gas.

Of the reserves, 61% of the estimated proved reserves are proved developed. About 33% of the proved reserves are coal bed methane associated with Hartshorne coal seams in the Arkoma basin. Crow Creek's net production is 6.2 MMcfd.

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