Penn Virginia (PVAYL)

Penn Virginia Corp was incorporated in the Commonwealth of Virginia in 1882. The Company is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas in various onshore regions of the United States. Its operations consist of drilling unconventional horizontal development wells primarily concentrated in the Eagle Ford Shale in South Texas. It also has operations in the Granite Wash in the Mid-Continent, primarily Oklahoma, the Haynesville Shale and Cotton Valley in East Texas and the Selma Chalk in Mississippi. The Company retains undeveloped acreage in the Marcellus Shale in Pennsylvania, but its Appalachian operations are limited to three operated wells. As of December 31, 2013, its proved reserves were approximately 136 mmboe, of which 40% were proved developed reserves and 61% were oil and natural gas liquids. The Company's proved reserves and primary development plays are located in South Texas, East Texas, the Mid-Continent and Mississippi, which comprised 56%, 26 %, 8% and 10% of its total proved reserves, respectively, as of December 31, 2013. The Eagle Ford Shale play in South Texas, which contains primarily oil reserves, represents approximately 55% of its total equivalent proved reserve quantities as of December 31, 2013. Its Carthage field in East Texas, consisting primarily of its Cotton Valley and Haynesville Shale properties, represents approximately 26% of its total equivalent proved reserve quantities as of December 31, 2013. The Company's operations are subject to extensive federal, state and local laws that govern oil and gas operations, regulate the discharge of materials into the environment or otherwise relate to the protection of the environment.