PVR Partners Announces $1B Acquisition of Marcellus Shale Midstream Pipeline Systems from Chief

Penn Virginia Resource Partners, L.P. PVR today announced that it has signed a definitive agreement to acquire Chief Gathering LLC for $1.0 billion. Chief Gathering, which is owned by Chief E&D Holdings LP, 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.