RADNOR, Pa., May 28, 2013 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) announced today that its bank group has voted unanimously to increase the borrowing base under PVA's senior secured credit facility from $275 million to $350 million. The 27 percent increase in the borrowing base is the direct result of PVA's recently announced acquisition of Eagle Ford Shale reserves for approximately $400 million, as well as continued success in its Eagle Ford Shale drilling program. Under the terms of the credit facility, which matures in September 2017, the bank group re-determines the borrowing base semi-annually utilizing the banks' estimates of reserves and future oil and gas prices.
Penn Virginia Corporation Announces Increase Of Borrowing Base To $350 Million
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