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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 31, 1997
PENN VIRGINIA CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
VIRGINIA
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(State or Other Jurisdiction of Incorporation)
0-753 23-1184320
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(Commission File No.) (I.R.S. Employer Identification No.)
100 Matsonford Road Suite 200, Radnor, PA 19087
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(Address of Principal Executive Offices)
19087
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(Zip Code)
(610) 687-8900
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS
Penn Virginia Corporation issued a press release on January 31, 1997
with respect to the sale by VEBA, AG, a corporation organized under
the laws of the Federal Republic of Germany ("VEBA"), of all its
holdings of Penn Virginia common stock. Before the sale VEBA owned,
through its subsidiary Interkohle Beteiligungsgesellschaft mbH,
868,258 shares (the "Shares") of Penn Virginia common stock
representing approximately 20 percent of the outstanding stock.
Members of Penn Virginia's Board of Directors and senior management
purchased 50,950 shares and the Company bought 210,308 shares.
All of the Shares were purchased at $41.50 per share. The Company did
not receive any of the proceeds from the sale of the Shares. The press
release is filed as Exhibit 99 to this Form 8-K, and the text of the
press release is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) The following is filed as part of this Current Report on Form 8-K:
Exhibit Description
99 Press release dated January 31, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on January 31, 1997.
PENN VIRGINIA CORPORATION
By:
/s/ A. James Dearlove
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A. James Dearlove
President and
Chief Executive Officer
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EXHIBIT 99
PENN VIRGINIA CORPORATION
One Radnor Corporate Center, Suite 200,
100 Matsonford Road, Radnor, PA 19087
FOR IMMEDIATE RELEASE
CONTACT: Steven W. Tholen, Vice President and Chief Financial Officer
(610) 687-8900 Fax: (610) 687-3688
PENN VIRGINIA CORPORATION
ANNOUNCES SALE OF STOCK BY
MAJOR SHAREHOLDER
RADNOR, PA, JANUARY 31, 1997 -- Penn Virignia Corporation (NASDAQ: PVIR)
announced today that VEBA, AG has sold all its holdings of Penn Virginia common
stock. Before the sale VEBA owned, through a subsidiary, 868,258 shares of
Penn Virginia common stock representing approximately 20 percent of the
outstanding stock.
The shares were broadly distributed to various financial institutions and
mutual funds. Members of Penn Virginia's Board of Directors and senior
management purchased shares and the Company bought 210,308 shares. All the
shares were purchased at $41.50 per share.
Penn Virginia President and Chief Executive Officer A. James Dearlove
said. "We are extemely pleased with the breadth of the distribution of the Penn
Virginia shares held by VEBA. The purchase of stock by the Company and our
directors and senior management reflects our confidence in the future growth
opportunities available to the Company."
PVIR is an energy company engaged primarily in leasing of mineral rights,
collection of royalties, and development and production of oil and natural
gas. PVIR is headquatered in Radnor, PA.
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