RADNOR, Pa., Jan. 11, 2012 /PRNewswire/ -- Penn Virginia Resource Partners, L.P. (NYSE: PVR) ("PVR") today announced that it has acquired an option to purchase a pipeline easement in Susquehanna County along a 28.8 mile right-of-way corridor in the Pennsylvania Marcellus Shale. PVR is currently evaluating the construction of a new natural gas gathering pipeline, with an interconnection to the Tennessee system, to serve producers in the region. The optioned easement was acquired from the Rail-Trail Council of Northeastern Pennsylvania ("RTC"), and extends north from the Tennessee pipeline right-of-way in the town of Union Dale through the towns of Thompson and Lanesboro to the New York state line.
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William H. Shea, Jr., Chief Executive Officer of PVR's general partner, said, "We are pleased to have acquired this option as the first step in the development of a new outlet for the region's natural gas production. The right-of-way was originally developed for railroad use and is ideally situated for pipeline construction. Use of the existing right-of-way will allow PVR to construct the line without creating another utility corridor in the region. The community will also benefit as the payments received by RTC will enable the Council to make significant improvements to the trail.
"We expect to continue discussions with potential shippers for construction of a 24-inch mainline trunk system capable of transporting approximately 360 million cubic feet per day of production to major northeastern US consumption markets," said Mr. Shea.
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.
The Rail-Trail Council of Northeast Pennsylvania, Inc. is a non-profit 501(c)(3) organization developing the 38-mile D&H Rail-Trail and the 10-mile Endless Mountains Rail-Trail for public recreational use. The Council has to date improved 10 miles of the D&H from Simpson to Union Dale. "Discover the D&H" is a series of trail events held every year, including bike rides, walks, nature and historical talks, geocaching, cross-country skiing and a half-marathon. For more information about the Rail-Trail Council and trails, visit their website at www.nepa-rail-trails.org.
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.
