UNITED STATES
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
Date of Report (Date of earliest event reported): September 24,
1999
Penn Virginia Corporation
(Exact name of registrant as specified in its charter)
Virginia 0-753 23-1184320
(Name or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) (Identification No.)
One Radnor Corporate Center, Suite 200, 100 Matsonford Road,
Radnor, PA 19087
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 687-8900
Item 5. Other Events
On September 24, 1999, Registrant, through its two
indirectly wholly owned subsidiaries, Penn Virginia Coal Company
and Kanawha Rail Corp., acquired fee and mineral rights to
approximately 90 million tons of coal reserves and certain other
assets including various oil and gas mineral rights, hardwood
timber, a short line railroad and a dock on the Kanawha River
(the "Assets"). The Assets were purchased pursuant to an Asset
Purchase Agreement dated as of July 1, 1999. Cash consideration for
the Assets was $30,440,000.
Item 7. Exhibits
(c) Exhibits
Exhibit 99.1 Press Release dated September 27, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Penn Virginia Corporation
Date: October 7, 1999 By: /s/ Steven W. Tholen
Steven W. Tholen
Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT 99.1
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 CLOSES $30.4 MILLION COAL RESERVE ACQUISITION
RADNOR, PA, SEPTEMBER 27, 1999--Penn Virginia Corporation
(NYSE:PVA) today announced the completion of the $30.4 million
acquisition of fee and mineral rights to over 90 million tons of
high quality coal reserves. Included in the acquisition are
various oil and gas mineral rights, hardwood timber, a short line
railroad and a dock on the Kanawha River. The Company had
announced the signing of a definitive agreement to purchase these
assets on July 1, 1999.
Approximately two thirds of the coal reserves are owned in
fee by Penn Virginia and the balance are subject to long-term
leases. Approximately 50 percent of the reserves are post-2000
Clean Air Act compliant. Approximately 80 percent of the
reserves are leased to a variety of operators.
Penn Virginia President and Chief Executive Officer, A.
James Dearlove, said, "We are pleased with the addition of these
high quality coal reserves. Over 50 million tons of the reserves
are contiguous with the Company's Coal River properties and have
easy access to the Kanawha River, which provides our lessees with
low cost barge transportation to a number of electric power
generators. The new properties are expected to contribute to
continued growth in Penn Virginia's royalty operations, which
provide a consistent and predictable revenue stream. This
transaction combined with the acquisition of natural gas assets
announced earlier this summer and some important developments
that expand our natural gas exploration program and coal
infrastructure opportunities have provided Penn Virginia with
some very positive momentum for 1999 and into 2000."
Penn Virginia is an energy company engaged primarily in the
development and production of oil and gas, leasing of mineral
rights and collection of royalties. Penn Virginia is
headquartered in Radnor, PA.
*****
This release includes forward-looking statements within the
meaning of the federal securities laws with respect to
development activities, capital expenditures, acquisitions and
dispositions, drilling and exploration programs, expected
commencement dates of coal mining or oil quantities of future
coal production by the Company's lessees producing coal from
reserves leased from Penn Virginia, costs and expenditures as
well as projected demand or supply for coal and oil and gas,
which will affect sales levels, prices and royalties realized by
Penn Virginia. Certain factors discussed herein and in the
Company's filings with the Securities and Exchange Commission
could cause actual results to differ from those in these forward-
looking statements, and reference is made to such filings.
