Posted on Fri, Jul. 18, 2008
Penn Virginia Resource Partners LP, of Radnor, said it has completed its previously announced $160 million purchase of gas-gathering and pipeline assets of Lone Star Gathering L.P. in the Fort Worth Basin in Texas.
In addition, Penn Virginia will pay $5 million in December 2009, and agreed to revenue targets by June 2013.
That basin is a 54,000-square-mile area, designated by the United States Geological Survey, west of Dallas in Central Texas and Southwestern corner of Oklahoma.
PVRP is a publicly traded limited partnership formed by the Penn Virginia Corp., also of Radnor.
Shares were trading at $24.34 on the New York Stock Exchange, up $0.24.
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