PVR Partners Announces $1 Billion Acquisition Of Marcellus Shale Midstream Pipeline Systems From Chief

RADNOR, Pa., April 10, 2012 /PRNewswire/ – Penn Virginia Resource Partners, L.P. (NYSE:PVR) (“PVR”) today announced that it has signed a definitive agreement to acquire Chief Gathering LLC (“Chief Gathering”) for $1.0 billion. Chief Gathering, which is owned by Chief E&D Holdings LP (“Chief”), is a midstream pipeline company with operating assets serving Marcellus Shale natural gas producers primarily in northeastern Pennsylvania. This transaction, when closed, will result in a major expansion of PVR’s pipeline systems in the gas-rich Marcellus Shale. PVR expects to finance the purchase through a combination of committed equity and debt. The transaction is expected to close in the second quarter of 2012, subject to regulatory clearances and other customary closing conditions. Read the full release »

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