Penn Virginia Resource Partners, L.P. Declares Quarterly Distribution and Completes Acquisition of Coal Reserves

25 January 2011,
RADNOR, Pa., PRNCoal Geology
Penn Virginia Resource Partners, L.P. (“PVR”) (NYSE: PVR) today declared a quarterly cash distribution of $0.47 per unit. The distribution, which equates to $1.88 per unit on an annualized basis, remains unchanged from the distribution paid with respect to the prior quarter. The quarterly distribution covers the period October 1 through December 31, 2010, and is payable on February 14, 2011 to unitholders of record on February 7, 2011.

Separately, PVR also announced today that its wholly-owned subsidiary, Penn Virginia Operating Company, LLC, has completed the previously disclosed purchase of certain mineral rights and associated oil and gas royalty interests in Kentucky and Tennessee. The assets, acquired from Begley Properties, LLC for approximately $97.25 million, include mineral rights for approximately 102 million tons of coal reserves and resources, and royalty interests from approximately 158 oil and gas wells. The acquisition was funded with borrowings from PVR’s revolving credit facility.

William H. Shea, Jr., Chief Executive Officer of PVR’s general partner, said, “The addition of the Begley properties to our portfolio of coal and natural resource assets is an important and strategic expansion of our holdings in Central Appalachia. We look forward to working with our lessees to enhance production from these assets. As previously indicated, we anticipate this acquisition will be accretive to distributable cash flow per common unit for PVR unitholders within the first year of ownership.”

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 more than 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 4,100 miles of natural gas gathering pipelines and 6 processing systems with approximately 400 million cubic feet per day of capacity.

Source Penn Virginia Resource Partners,

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