RADNOR, Pa., Oct. 26, 2011 /PRNewswire/ -- Penn Virginia Resource Partners, L.P. (NYSE: PVR) ("PVR") today announced that it has purchased 18.6 million tons of coal reserves along with associated timber, oil and gas assets on over 4,700 acres of properties in Kanawha and Boone counties, West Virginia. The coal reserves have excellent transportation access to both railroad and river barge facilities and producing deep mines are located on or adjacent to the acquired properties. Purchase price for the assets was $21.6 million.
William H. Shea, Jr., Chief Executive Officer of PVR's general partner, said, "We are pleased to have the opportunity to acquire additional attractive natural resource assets to expand our reserve base in Central Appalachia. The coal reserves are fully leased and include metallurgical-grade and thermal coal reserves. These properties are in close proximity to other PVR Central Appalachian assets, which will allow us to manage them from our Chesapeake, West Virginia office with existing personnel."
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.
Stephen R. Milbourne
Director - Investor Relations
SOURCE Penn Virginia Resource Partners, L.P.