May 19, 2009 (FinancialWire) — Penn Virginia Corp. (NYSE: PVA) has priced a public offering of 3.5 million shares of its common stock. J.P. Morgan Securities (NYSE: JPM) and RBC Capital Markets (NYSE: RY) acted as joint book-running managers.

The company has granted the underwriters a 30-day option to purchase up to 525,000 additional shares of its common stock.

The shares were offered to the public at a price of $19 per share. The offering is scheduled to close on or about May 22.

Penn Virginia plans to use the net proceeds to pay down a portion of the outstanding borrowings under its revolving credit facility.

Radnor, Pennsylvania-based Penn Virginia is a natural gas and oil company focused on the exploration, acquisition, development and production of reserves in onshore regions of the United States, including East Texas, Mississippi, the Mid-Continent region, the Appalachian Basin and the Gulf Coast of Louisiana and Texas.

The company also owns around 77 percent of Penn Virginia GP Holdings, the owner of the general partner and the largest unit holder of Penn Virginia Resource Partners, a manager of coal and natural resource properties and related assets and the operator of a midstream natural gas gathering and processing business.

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