Penn Virginia Corp. (NYSE: PVA) is buying properties in the Eagle Ford shale play for about $400 million.
The company is buying about 40,600 acres in Gonzales and Lavaca counties in Texas from Magnum Hunter Resources Corp. (NYSE: MHR).
Because of the acquisition, Penn Virginia plans to drill up to 62 wells in the Eagle Ford basin during 2013.
Radnor, Pa.-based Penn Virginia explores for, develops and produces oil and natural gas in Texas, Oklahoma, Mississippi and Pennsylvania.
RBC Capital Markets is Penn Virginia’s financial adviser for the deal.
Deals continue to flow from the energy sector. In March Ridgemont Equity Partners and Post Oak Energy Capital made a $100 million commitment to Titan River Energy LLC, a newly formed energy and gas company. Also in March, Spectra Energy Corp. (NYSE: SE) closed its $1.49 billion deal for a stake in the Express-Platte Pipeline System, which moves crude oil from Western Canada to the U.S.