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Penn Virginia Borrowing Base Lowered

Stock quotes in this article: PVA  

RADNOR, Pa. (AP) — Oil and natural-gas company Penn Virginia Corp. said Tuesday its revolving credit administrator has recommended lowering the borrowing base to the company's bank group.

The new base uses year-end 2008 oil and gas reserves and will be subject to approval by banks holding two-thirds of the lending commitments. Such approval is expected around March 31.

The dollar amount of the new borrowing base will be disclosed upon its approval by the bank group. ...

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