RADNOR, Pa., June 14, 2011 /PRNewswire/ -- Penn Virginia Resource Partners, L.P. (NYSE: PVR) ("PVR") today announced that it has purchased 26.8 million tons of additional coal reserves in the Illinois Basin. The "Oatsville Reserve" properties acquired by PVR hold deep minable Springfield V seam coal located on approximately 5,875 acres in Gibson and Pike counties in Indiana. The assets were purchased from Indianapolis Power & Light Company for $13.5 million.
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William H. Shea, Jr., Chief Executive Officer of PVR, said, "We are pleased to have the opportunity to add additional Illinois Basin properties to our portfolio of coal reserves. The Oatsville Reserve assets are located in close proximity to 16 coal-fired power plants and also have good rail and river access. These reserves are very attractive for development, and PVR is currently in discussions with qualified operators to lease the reserves."
Penn Virginia Resource Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and manages coal and natural resource properties and related assets, and owns and operates midstream natural gas gathering and processing businesses. We own approximately 900 million tons of proven coal reserves in Northern and Central Appalachia, and the Illinois and San Juan Basins; our midstream natural gas assets are located principally in Texas, Oklahoma and Pennsylvania and include more than 4,200 miles of natural gas gathering pipelines and 7 processing systems with approximately 420 million cubic feet per day of capacity. For more information about PVR, visit our website at www.pvrpartners.com.
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, the timing and success of business development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010 and our most recently filed Quarterly Reports on Form 10-Q. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: | Stephen R. Milbourne | |
Director - Investor Relations | ||
Phone: 610-975-8204 | ||
E-Mail: invest@pvrpartners.com | ||
SOURCE Penn Virginia Resource Partners, L.P.
