Penn Virginia Resource Partners, L.P. Declares Four Percent Increased Quarterly Distribution On Limited Partner Units.
A. James Dearlove, Chairman and Chief Executive Officer of Penn Virginia Resource Partners, L.P. said, "We are pleased to announce this four percent increase in PVR's distribution based on our higher coal royalty revenues, which resulted from the strong coal price environment, and the positive outlook for the coal industry. This is the second four percent increase we have announced in 2004. We expect to increase distributions again after closing the previously announced acquisition of a natural gas midstream business from Cantera Resource Holdings LLC. We anticipate closing the acquisition in the first quarter of 2005."
Penn Virginia Resource Partners, L.P. (NYSE:PVR) is a master limited partnership formed by Penn Virginia Corporation (NYSE:PVA) to manage coal properties and related assets. With the acquisition of Cantera, PVR will also become active in the natural gas gathering and processing sector of the energy industry. PVR is headquartered in Radnor, PA. For more information about PVR, visit the Partnership's website at www.pvresource.com.
Forward-looking statements: Penn Virginia Resource Partners, L.P. is including the following cautionary statement to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Partnership. With the exception of historical matters, any matters discussed are forward-looking and, therefore, involve risks and uncertainties that could cause actual results to differ materially from projected results. These risks, uncertainties and contingencies include, but are not limited to, the following: projected demand for and supply of coal; whether or not the transaction described in the forgoing news release will be consummated; whether or not such transaction will be cash flow accretive; integrating and managing the newly acquired midstream business with the Partnership's existing coal land management business; competition from other providers of natural gas gathering and processing services; potential equipment malfunction and repair delays; the legislative or regulatory environment; nonperformance by major customers or suppliers; and political and economic conditions, including the impact of potential terrorist acts. Additional information concerning these and other factors can be found in PVR's press releases and public periodic filings with the Securities and Exchange Commission, including PVR's Annual Report on Form 10-K for the year ended December 31, 2003, filed on March 11, 2004, and subsequently filed interim reports. Except as required by applicable securities laws, PVR does not intend to update its forward-looking statements.
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|Date:||Dec 13, 2004|
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