Penn Virginia plucks Oatsville

PENN Virginia Resources has jumped on the takeover bandwagon, acquiring 26.8 million tons of deep reserves in the prolific Illinois Basin region in a $US13.5 million deal.
Penn Virginia plucks Oatsville Penn Virginia plucks Oatsville Penn Virginia plucks Oatsville Penn Virginia plucks Oatsville Penn Virginia plucks Oatsville

Courtesy Penn Virginia Resouce Partners.

Donna Schmidt

The limited partnership said late Tuesday the properties, known as the Oatsville Reserve, were obtained from Indianapolis Power and Light.

The Springfield V seam coal is contained on about 5875 acres in Gibson and Pike counties in Indiana.

“We are pleased to have the opportunity to add additional Illinois Basin properties to our portfolio of coal reserves,” PVR chief executive officer William Shea Jr said.

He said Oatsville’s assets were also in close proximity to 16 coal-fired power generation facilities and possess 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," he said.

In all, the company owns approximately 900Mt of proven coal reserves in northern and central Appalachia as well as the Illinois and San Juan Basins.

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