Penn Virginia Corp (PVA)

Penn Virginia Corporation is a Virginia corporation formed in 1882. Penn Virginia is an independent oil and gas company, which is mainly engaged in the development, exploration and production of natural gas and oil in various domestic onshore regions of the United States including Texas, Appalachia, the Mid-Continent and Mississippi. As of December 31, 2011, it had proved natural gas and oil reserves of approximately 883 Bcfe. Its operations include mainly the drilling of unconventional development wells and exploring for new exploitable resources. As of December 31, 2011, the Company owned approximately 1.1 million net acres of leasehold and royalty interests. The Company has entered into contracts that provide firm transportation capacity rights for specified volumes per day on various pipeline systems for terms ranging from one to 15 years. The contracts require the Company to pay transportation demand charges regardless of the amount of pipeline capacity it use. The Company generally sells its natural gas, oil and NGL products using short-term floating price physical and spot market contracts. The Company's five customers are Connect Energy Services, LLC, a subsidiary of PVR; Enogex, LLC; Chesapeake Operating, Inc.; Plains Marketing LP; and Shell Trading (US) Company. The Company's operations are subject to stringent and extensive federal, state and local laws and regulations governing the discharge of materials into the environment or otherwise relating to the protection of the environment.