Acquisitions and Divestitures	12 Months Ended
Dec. 31, 2012
Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures In the following paragraphs, all references to crude oil and natural gas reserves and acreage acquired or sold are unaudited. The factors we used to determine the fair market value of acquisitions include, but are not limited to, discounted future net cash flows on a risk-adjusted basis, comparable market data, geographic location, quality of resources and potential marketability. Property Acquisitions Eagle Ford Property Acquisitions In December 2011, we entered into an agreement with an industry partner to jointly explore a 13,500 acre area of mutual interest (“AMI”) in Lavaca County, Texas. Under the terms of the agreement, we were required to commence drilling on six wells by September 1, 2012, as well as carry our partner for its working interest share of the costs of the first three wells, to earn our entire interest in the acreage. We fulfilled this requirement during the third quarter of 2012 and, as a result, earned an approximately 60 percent interest in this acreage. In December 2012, this industry partner in the Lavaca County Eagle Ford Shale acreage elected to not participate in the last 17 initial unit wells to be drilled on this acreage. Upon the drilling of each of the initial unit wells, our industry partner will have no participatory rights in any subsequent wells drilled in such unit. We are presently seeking a partner to acquire a 40 percent working interest in this acreage in which our industry partner has elected not to participate. In addition to the acreage earned in Lavaca County, as discussed above, we acquired approximately 4,100 net acres in the Eagle Ford Shale in Gonzales and Lavaca Counties, Texas in 2012 for approximately $10 million increasing our net Eagle Ford Shale acreage position to approximately 32,500 net acres. During 2011 and 2010, we acquired acreage in Gonzales County for approximately $27 million and $31 million, respectively. We are the operator of all of our Gonzales County acreage with an average working interest of approximately 84 percent. Divestitures Oil and Gas Properties In July 2012, we sold substantially all of our legacy natural gas assets in West Virginia, Kentucky and Virginia for approximately $100 million, excluding transaction costs and before customary purchase and sale adjustments. Through December 31, 2012, we received proceeds of $95.7 million, net of transaction costs and customary closing adjustments, and recognized a gain of $3.3 million in connection with the transaction. The assets sold included vertical and horizontal coalbed methane and vertical conventional properties, a gathering system and royalty interests. These assets had net production of approximately 20 million cubic feet of natural gas equivalent per day (3,333 barrels of oil equivalent) and estimated proved reserves of approximately 106 billion cubic feet of natural gas equivalent (17.7 million barrels of oil equivalent), of which 96 percent was proved developed and almost 100 percent was natural gas. An impairment charge of $28.6 million was recognized in the second quarter of 2012 with respect to these assets. In December 2011, we sold approximately 2,700 net undeveloped acres in Butler and Armstrong Counties in Pennsylvania for proceeds of $8.1 million, net of transaction costs. We recognized a gain of $3.3 million in connection with this transaction. In August 2011, we sold a substantial portion of our Arkoma Basin assets for approximately $30 million, excluding transaction costs and customary purchase and sale adjustments. Upon the final settlement, we recognized an insignificant loss in connection with the transaction, following an impairment of approximately $71 million in the second quarter of 2011. The sale included primarily natural gas and coal bed methane properties comprising approximately 73,000 net acres in Oklahoma and Texas with proved reserves of approximately 37.1 billion cubic feet of natural gas equivalent. In January 2010, we completed the sale of all of our assets in the Gulf Coast region (southern Texas and Louisiana) for cash proceeds of $23.4 million, net of transaction costs and certain purchase and sale adjustments, and the receipt of certain oil and gas properties located in the Gwinville field in northern Mississippi valued at $8.2 million. During 2012, 2011 and 2010, we also received net proceeds of $1.6 million, $1.2 million and $2.0 million, respectively, from the sale of various non-core oil and gas properties located in various states both within and outside of our present operating regions. Penn Virginia GP Holdings, L.P. (“PVG”) Unit Offerings In a series of transactions that occurred during 2009 and 2010, we sold common units of PVG (“PVG Common Units”) owned by us resulting in a reduction of our limited partner interest in PVG to 22.6 percent. Because we maintained a controlling financial interest in PVG, the proceeds received from these transactions were reported as cash flows from financing activities on our Consolidated Statements of Cash Flows. In June 2010, we completed the sale of our remaining PVG Common Units for $139.1 million, net of offering costs. Immediately prior to the closing, we contributed our membership interests in PVG’s general partner to PVG, thereby relinquishing control of PVG. As a result of this divestiture, we recognized a gain of $51.5 million, net of income tax effects of $35.1 million, which is reported in the “Gain on sale of discontinued operations, net of tax” caption on our Consolidated Statements of Operations. Because we no longer held any interests in PVG, the proceeds received from this transaction were reported as cash flows from investing activities on our Consolidated Statements of Cash Flows and we deconsolidated PVG from our Consolidated Financial Statements. We have reported PVG’s results of operations and cash flows as discontinued operations for the 2010 period. Additional information with respect to discontinued operations is provided in Note 19.

Acquisitions and Divestitures

In the following paragraphs, all references to crude oil and natural gas reserves and acreage acquired or sold are unaudited. The factors we used to determine the fair market value of acquisitions include, but are not limited to, discounted future net cash flows on a risk-adjusted basis, comparable market data, geographic location, quality of resources and potential marketability.

Property Acquisitions

Eagle Ford Property Acquisitions

In December 2011, we entered into an agreement with an industry partner to jointly explore a 13,500 acre area of mutual interest (“AMI”) in Lavaca County, Texas. Under the terms of the agreement, we were required to commence drilling on six wells by September 1, 2012, as well as carry our partner for its working interest share of the costs of the first three wells, to earn our entire interest in the acreage. We fulfilled this requirement during the third quarter of 2012 and, as a result, earned an approximately 60 percent interest in this acreage.

In December 2012, this industry partner in the Lavaca County Eagle Ford Shale acreage elected to not participate in the last 17 initial unit wells to be drilled on this acreage. Upon the drilling of each of the initial unit wells, our industry partner will have no participatory rights in any subsequent wells drilled in such unit. We are presently seeking a partner to acquire a 40 percent working interest in this acreage in which our industry partner has elected not to participate.

In addition to the acreage earned in Lavaca County, as discussed above, we acquired approximately 4,100 net acres in the Eagle Ford Shale in Gonzales and Lavaca Counties, Texas in 2012 for approximately $10 million increasing our net Eagle Ford Shale acreage position to approximately 32,500 net acres. During 2011 and 2010, we acquired acreage in Gonzales County for approximately $27 million and $31 million, respectively. We are the operator of all of our Gonzales County acreage with an average working interest of approximately 84 percent.

Divestitures

Oil and Gas Properties

In July 2012, we sold substantially all of our legacy natural gas assets in West Virginia, Kentucky and Virginia for approximately $100 million, excluding transaction costs and before customary purchase and sale adjustments. Through December 31, 2012, we received proceeds of $95.7 million, net of transaction costs and customary closing adjustments, and recognized a gain of $3.3 million in connection with the transaction. The assets sold included vertical and horizontal coalbed methane and vertical conventional properties, a gathering system and royalty interests. These assets had net production of approximately 20 million cubic feet of natural gas equivalent per day (3,333 barrels of oil equivalent) and estimated proved reserves of approximately 106 billion cubic feet of natural gas equivalent (17.7 million barrels of oil equivalent), of which 96 percent was proved developed and almost 100 percent was natural gas. An impairment charge of $28.6 million was recognized in the second quarter of 2012 with respect to these assets.

In December 2011, we sold approximately 2,700 net undeveloped acres in Butler and Armstrong Counties in Pennsylvania for proceeds of $8.1 million, net of transaction costs. We recognized a gain of $3.3 million in connection with this transaction.

In August 2011, we sold a substantial portion of our Arkoma Basin assets for approximately $30 million, excluding transaction costs and customary purchase and sale adjustments. Upon the final settlement, we recognized an insignificant loss in connection with the transaction, following an impairment of approximately $71 million in the second quarter of 2011. The sale included primarily natural gas and coal bed methane properties comprising approximately 73,000 net acres in Oklahoma and Texas with proved reserves of approximately 37.1 billion cubic feet of natural gas equivalent.

In January 2010, we completed the sale of all of our assets in the Gulf Coast region (southern Texas and Louisiana) for cash proceeds of $23.4 million, net of transaction costs and certain purchase and sale adjustments, and the receipt of certain oil and gas properties located in the Gwinville field in northern Mississippi valued at $8.2 million.

During 2012, 2011 and 2010, we also received net proceeds of $1.6 million, $1.2 million and $2.0 million, respectively, from the sale of various non-core oil and gas properties located in various states both within and outside of our present operating regions.

Penn Virginia GP Holdings, L.P. (“PVG”) Unit Offerings

In a series of transactions that occurred during 2009 and 2010, we sold common units of PVG (“PVG Common Units”) owned by us resulting in a reduction of our limited partner interest in PVG to 22.6 percent. Because we maintained a controlling financial interest in PVG, the proceeds received from these transactions were reported as cash flows from financing activities on our Consolidated Statements of Cash Flows. In June 2010, we completed the sale of our remaining PVG Common Units for $139.1 million, net of offering costs. Immediately prior to the closing, we contributed our membership interests in PVG’s general partner to PVG, thereby relinquishing control of PVG. As a result of this divestiture, we recognized a gain of $51.5 million, net of income tax effects of $35.1 million, which is reported in the “Gain on sale of discontinued operations, net of tax” caption on our Consolidated Statements of Operations. Because we no longer held any interests in PVG, the proceeds received from this transaction were reported as cash flows from investing activities on our Consolidated Statements of Cash Flows and we deconsolidated PVG from our Consolidated Financial Statements. We have reported PVG’s results of operations and cash flows as discontinued operations for the 2010 period. Additional information with respect to discontinued operations is provided in Note 19.