RADNOR, Pa.-- Penn Virginia Corporation (NYSE: PVA) today announced that to better position itself for growth opportunities in its oil and gas business, as well as to improve corporate efficiency, it will undertake organizational changes in both its financial and oil and gas operations groups.
PVA will move its corporate accounting functions from Kingsport, TN to its corporate headquarters in Radnor, PA and various oil and gas accounting functions to its office in Houston, TX. In addition, Penn Virginia Oil & Gas Corporation will relocate its divisional office in Kingsport to a new divisional office in Pittsburgh, PA. These changes are expected to be completed by March 31, 2010.
A. James Dearlove, President and Chief Executive Office of PVA, stated, "Organizational changes of this nature that cause disruption to our employees' lives are never easy to undertake, but we feel they are necessary to better position us for the long-term. Over the next several years, we anticipate growth in our eastern division, given the potential presented by the Marcellus Shale in northern Appalachia. We also expect continued growth in east Texas, Oklahoma and Mississippi. A number of our Kingsport employees have been offered opportunities to transfer to the Radnor, Houston or Pittsburgh offices. We believe that relocating our accounting functions in Radnor and Houston increases overall organizational efficiency and establishing a presence in Pittsburgh positions us among the emerging community of oil and gas firms in that city."
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 East Texas, Mississippi, the Mid-Continent region and the Appalachian Basin. We also own approximately 51 percent of PVG, the owner of the general partner and the largest unit holder of PVR, a manager of coal and natural resource properties and related assets and the operator of a midstream natural gas gathering and processing business.
For more information, please visit PVA's website at www.pennvirginia.com.
Source: Penn Virginia Corporation
Released November 17, 2009