Penn Virginia Resources to Acquire Coal Reserves

Penn Virginia Resources (PVR) recently purchased mineral rights in Kentucky and Tennessee from Begley Properties for more than $97 million. The mineral rights include approximately 102 million tons of coal reserves and resources. There are currently 14 active producing underground and surface mines on the approximately 126,000 acres of mineral estates being acquired, with 10 principal coal lessees operating the mines. The coal is primarily steam coal consumed by major electric utilities and other industrial customers in the southeastern United States and approximately 75% of the expected production for the next five years is under permit.