ENERGY CORPORATION OF AMERICA
4643 South Ulster Avenue, Denver, Colorado 80237
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FOR IMMEDIATE RELEASE
Contact: Don Supcoe, Senior Vice President and General Counsel of ECA;
304-925-6100.
ENERGY CORPORATION OF AMERICA ANNOUNCES $59.4 MILLION ACQUISITION OF APPALACHIAN
ASSETS.
CHARLESTON, WVA, JANUARY 2, 2001 - Energy Corporation of America announced
today that it closed the acquisition of Appalachian gas properties, located
primarily in Kentucky and West Virginia, from Penn Virginia Corporation on
December 29, 2000. The effective date of the sale was October 1, 2000. The
properties were estimated to contain more than 70 billion cubic feet equivalent
(Bcfe) of proved reserves and currently produce, net to the Company; seven
million cubic feet per day. ECA paid Penn Virginia $59.4 million, subject to
adjustments for production and expenses after October 1, preferential rights
exercised by third parties and other customary closing adjustments.
Energy Corporation of America President and Chief Executive Officer, John
Mork, said, "This acquisition demonstrates ECA's continuing commitment to invest
in West Virginia. ECA will continue to actively develop its assets in the
Appalachian Basin, and to explore for oil and gas in the Basin."
Energy Corporation of America is an integrated energy company engaged
primarily in the exploration, development and production of oil and gas, with
assets throughout the USA. It owns and operates over 4500 gas and oil wells in
addition to natural gas pipelines. ECA is currently in the midst of a 75 well
development drilling program in West Virginia and Pennsylvania and exploring for
deeper production in Texas and the Appalachian Basin.
