Penn Virginia Corporation (NYSE:PVA) announced today that its Board of Directors declared a two-for-one split of the Company's common stock. To effect the split, one additional share of common stock will be distributed on June 19, 2007 for each share of common stock held of record at the close of business on June 12, 2007.
A. James Dearlove, the Company's President and Chief Executive Officer, said, "Given that the stock price of PVA has appreciated over 140 percent since the last stock split in June 2004, we believe that the time is appropriate to effect another stock split for PVA. After the split, the Company will have approximately 38 million shares outstanding. We expect that this increase in outstanding shares should result in increased liquidity in our stock over the longer term, and should make it more accessible to a broader range of investors."
Headquartered in Radnor, PA and a member of the S&P SmallCap 600 Index, Penn Virginia Corporation (NYSE: PVA) is an independent natural gas and oil company focused on the exploration, acquisition, development and production of reserves in onshore regions of the U.S., including the Appalachian Basin, the Cotton Valley play in east Texas, the Selma Chalk play in Mississippi, the Mid-Continent region and the Gulf Coast of Louisiana and Texas. PVA also owns approximately 82 percent of Penn Virginia GP Holdings, L.P. (NYSE: PVG), the owner of the general partner and the largest unit holder of Penn Virginia Resource Partners, L.P. (NYSE: PVR), a manager of coal properties and related assets and the operator of a midstream natural gas gathering and processing business. For more information about the Company, please visit the Company's website at www.pennvirginia.com.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements.
Source: Penn Virginia Corporation
Released May 8, 2007