Penn Virginia Resource Buys Coal Reserves in Northern Appalachia

15 June 2010 (Last Updated June 15th, 2010 18:30)

Penn Virginia Resource (PVR) has acquired about ten million tons of Pittsburgh seam-coal reserves in Northern Appalachia for $17.7m. The transaction supplements 40 million tons PVR acquired in December 2002. In addition to the acquisition, PVR will receive an increase in royalty o

Penn Virginia Resource (PVR) has acquired about ten million tons of Pittsburgh seam-coal reserves in Northern Appalachia for $17.7m.

The transaction supplements 40 million tons PVR acquired in December 2002.

In addition to the acquisition, PVR will receive an increase in royalty of $1 a ton for the approximate ten million tons of coal reserves remaining on the original transaction, plus a royalty on the newly-acquired reserves.