11-K 1 d11k.htm PENN VIRGINIA CORP--FORM 11-K Penn Virginia Corp--Form 11-K
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended December 31, 2005

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 1-13283

 

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES EMPLOYEES’ 401(k) PLAN

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

PENN VIRGINIA CORPORATION

THREE RADNOR CORPORATE CENTER, SUITE 300

100 MATSONFORD ROAD

RADNOR, PA 19087

 

Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

TABLE OF CONTENTS

 

     Page No.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   1

FINANCIAL STATEMENTS

   

Statements of Net Assets Available for Benefits

    2

Statement of Changes in Net Assets Available for Benefits

    3

Notes to Financial Statements

    4

SUPPLEMENTAL SCHEDULES

   

Schedule 1—Schedule of Assets Held for Investment

    10

Schedule 2—Schedule of Reportable Transactions

    11

EXHIBITS

    25

SIGNATURE

    26

Table of Contents
LOGO   

MAILLE, FALCONIERO & COMPANY, LLP

Certified Public Accountants and Business Counselors

  
   PO Box 3068
   West Chester, PA 19381-3068
   610-696-4353
   FAX NO.: 610-430-8811
   www.maillie.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Administrator of the

Penn Virginia Corporation and Affiliated Companies

Employees’ 401(k) Plan

Radnor, Pennsylvania

We have audited the accompanying statements of net assets available for benefits of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan as of December 31, 2005 and 2004, and the related statement of changes in net assets available for benefits for the year ended December 31, 2005. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Companies Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan as of December 31, 2005 and 2004, and the changes in net assets available for benefits for the year ended December 31, 2005, in conformity with U.S. generally accepted accounting principles.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules on pages 10 and 11 through 24 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly presented in all material respects in relation to the basic financial statements taken as a whole.

/s/ Maillie, Falconiero & Company

West Chester, Pennsylvania

May 18, 2006

 

1

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2005 and 2004

 

     2005    2004

ASSETS

      

Investments at fair value

      

Cash

    $ 2,025    $ 2,171

Common stock

      20,901,406      15,208,899

Registered investment company mutual funds

      7,214,675      5,497,264

Common/Collective Funds

      1,759,185      885,684

Participant loans receivable

      159,722      81,573
             
     30,037,013      21,675,591

Receivables

      

Employer contributions

      239,393      11,376

Employee contributions

      —        19,072
             
     239,393      30,448
             

TOTAL NET ASSETS AVAILABLE FOR BENEFITS

    $ 30,276,406    $ 21,706,039
             

See accompanying notes.

 

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended December 31, 2005

 

ADDITIONS TO NET ASSETS

   

Investment income

   

Interest and dividends

    $ 433,380

Net appreciation in fair value of investments

      5,989,033

Realized gain on the sale of investments

      273,288

Interest, participant loans

      7,265
      
     6,702,966

Contributions

   

Employer

      931,321

Employee

      1,260,407
      
     2,191,728

Other activity

      1,243
      

TOTAL ADDITIONS

      8,895,937

DEDUCTIONS FROM NET ASSETS

   

Benefits paid to participants

      1,470,791

Administrative fees

      12,313
      

TOTAL DEDUCTIONS

      1,483,104
      

NET INCREASE IN NET ASSETS PRIOR TO TRANSFER

      7,412,833

ASSETS TRANSFERRED INTO THE PLAN

      1,157,534

NET ASSETS AVAILABLE FOR BENEFITS

   

BEGINNING OF YEAR

      21,706,039
      

END OF YEAR

    $ 30,276,406
      

See accompanying notes.

 

3

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL DESCRIPTION OF THE PLAN

Significant Accounting Policies

The significant accounting policies employed in the preparation of the accompanying financial statements are as follows:

Valuation of Investments

Investments are stated at fair value using quoted market prices. Investments in the PNC Investment Contract Fund are valued at their respective net asset values.

Revenue Recognition and Method of Accounting

All transactions are recorded on the accrual basis. Purchases and sales of investments are recorded based on the trade date. Investment income is recorded as earned. Realized gains or losses on security transactions are determined using the average cost of securities sold on the trade date. Expenses are recorded as incurred.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Plan Expenses

For the year ended December 31, 2005, the Company paid expenses of the Plan which were in addition to the expenses paid from the participants’ individual accounts.

 

4

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

General Description of the Plan

A general description of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan follows. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan. Employees of Penn Virginia Corporation and its affiliated companies (the “Company”) are eligible to participate in the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan (the “Plan”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

The Plan includes an employee stock ownership plan (“ESOP”) feature, as defined in Internal Revenue Code Section 4975(e)7. The ESOP feature provides for discretionary employer contributions to the Plan.

Contributions

In 2005, participants may contribute up to the lesser of $14,000 or 50% of their annual compensation. The employer matching contributions equaled 100% of the employees’ elective deferral contribution up to 6% of compensation up to $210,000. Participants may also contribute amounts representing distributions from other qualified benefit plans (via a rollover into the Plan).

Participation

Employees are eligible to participate in the Plan immediately upon hire. Employees are eligible to receive an employer matching contribution upon attaining one year of service.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and the employer matching contribution, as well as an allocation of Plan earnings. Participants have access to their accounts 24 hours a day/7 days per week via a toll-free telephone number and a website. Fund transfers and investment election changes may be elected daily. A participant may stop, start, or change his/her 401(k) salary deferral rate at will.

 

5

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

Plan Loans

Active employees may elect to take loans from the Plan at any given time. As required by law, a loan amount is limited to the lesser of $50,000 or 50% of the participant’s vested account and must be repaid within five years unless the loan is for the purchase of a primary residence. Loan repayments are processed via payroll deduction on an after-tax basis.

Vesting

Participants are always 100% vested in their own 401(k) salary deferral contributions, as well as the employer matching contributions.

Payment of Benefits

A participant may receive 100% of his/her account balance at termination of employment. In the event of a “qualified emergency,” an active employee may elect a withdrawal from his/her elective deferral contributions.

Voting Rights

Each participant is entitled to exercise the voting rights attributable to shares of Company stock held in his account in the trust with respect to all corporate matters upon which the Company’s shareholders are entitled or permitted to vote. Each participant has one vote for each share of stock credited to his account.

Plan Termination

The Plan may be terminated at any time by the Company. In the event of Plan termination, distribution of participant accounts shall be in accordance with Article XIII of the Plan document.

 

6

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

NOTE B ADMINISTRATION OF THE PLAN

The Plan is administered by a committee of at least three members who are appointed and may be removed by the Company’s Board of Directors. The Board of Directors of the Company appointed PNC Bank, N.A. as trustee of the Plan. The Company pays for all administrative and recordkeeping costs associated with operating the Plan. Investment management fees charged by each mutual fund are netted against returns. Investment management fees charged by the PNC Investment Contract Fund (which is a collective investment fund) are charged to those participants with balances in those funds.

NOTE C TAX STATUS OF THE PLAN

The Plan has received a favorable determination letter from the Internal Revenue Service dated March 14, 2003, indicating that the Plan is a qualified plan under Section 401(k) of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

NOTE D INVESTMENTS

The following presents investments at December 31, 2005 and 2004, which represent 5% or more of the Plan’s net assets:

 

     2005    2004

PNC Investment Contract Fund, 631,596 shares (2005)

    $ 1,759,185    $ 885,684

Penn Virginia Corporation common stock, 364,136 shares (2005) and 374,880 shares (2004)

    $ 20,901,406    $ 15,208,899

 

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

NOTE E TRANSFERS

The Plan executed a plan-to-plan transfer with the Cantera Profit Sharing/401(k) Savings Plan during the year ended December 31, 2005. The transferred net assets of $1,157,534 have been recognized in the accounts of the Plan at the balances as previously carried in the accounts of the transferred plan. The changes in net assets of the combined plan are included in the statement of changes in net assets available for benefits.

NOTE F RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of contributions per the financial statements to the Form 5500:

 

     Employer     Employee

Total contributions per financial statements

    $ 931,321     $ 1,260,407

Add 2004 contributions receivable

      11,376       19,072

Less 2005 contribution receivable

      (239,393 )     —  
              

TOTAL CONTRIBUTIONS PER FORM 5500

    $ 703,304     $ 1,279,479
              

The following is a reconciliation of the net appreciation in fair value of investments and realized gains on the sale of investments per the financial statements to the Form 5500:

 

     Net Appreciation
in Fair Value of
Investments		    Realized Gains
on the Sale of
Investments		  

Total contributions per financial statements

    $ 5,989,033    $ 273,288  

Difference between the method used in the Form 5500 to calculate realized gains and losses on investments and the method used in financial statements

      197,451      (197,451 )
               

TOTAL CONTRIBUTIONS PER FORM 5500

    $ 6,186,484    $ 75,837  
               

 

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PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

NOTE G PLAN AMENDMENTS

The Plan was amended during the Plan year ended December 31, 2005, by two separate amendments. The first amendment affected the processing of distributions and established a Company contribution to eligible participants’ ESOP accounts. The second amendment allowed for the plan-to-plan transfer of certain assets from the Cantera Profit Sharing/401(k) Savings Plan.

 

9

Table of Contents

Schedule 1

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF ASSETS HELD FOR INVESTMENT

Year Ended December 31, 2005

Schedule H, Part IV, Item 4i of Form 5500, EIN# 23-1184320, Plan 001

 

Shares   

Description

    Cost    Current Value
364,136   

Penn Virginia Corporation Stock

    $ 5,153,225    $ 20,901,406
17,969   

AIM Basic Value

      512,868      614,894
20,010   

Federated Capital Appreciation

      451,598      501,861
42,606   

Federated Mid-Cap Index

      846,079      944,155
106,495   

Federated Total Return Bond

      1,140,252      1,123,517
15,871   

Fidelity Advisor Value Strat

      489,452      470,587
32,143   

Fidelity Advisor Div. Intl

      588,383      672,114
80,092   

MFS MA Investors Growth Stock

      957,403      1,028,375
43,192   

MFS Strategic Stock

      793,808      826,693
19,753   

Royce Low Price Stock

      293,877      306,771
15,858   

T Rowe Ret. 2010 R

      214,768      229,941
20,642   

T Rowe Ret. 2020 R

      296,538      320,984
8,474   

T Rowe Ret. 2030 R

      129,056      139,138
1,295   

T Rowe Ret. 2040 R

      20,516      21,407
1,144   

T Rowe Ret. Income R

      13,920      14,238
2,025   

Penn Virginia 401k Slf

      2,025      2,025
631,596   

PNC Investment Contract Fund

      1,667,596      1,759,185
N/A   

Participant loans, 5% to 8%

      N/A      159,722
            
         $ 30,037,013
            

 

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Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE OF
ASSET		    NET GAIN/
LOSS

PNC BANK

   

PNC Investment Contract Fund

    4,669.75          4,669.75   

PNC BANK

   

PNC Investment Contract Fund

    42,349.41          42,349.41   

PNC BANK

   

PNC Investment Contract Fund

    7,976.21          7,976.21   

PNC BANK

   

PNC Investment Contract Fund

    10,769.11          10,769.11   

PNC BANK

   

PNC Investment Contract Fund

       548.72    520.40       28.32

PNC BANK

   

PNC Investment Contract Fund

    10,813.49          10,813.49   

PNC BANK

   

PNC Investment Contract Fund

       10,000.00    9,435.10       564.90

PNC BANK

   

PNC Investment Contract Fund

    1.58          1.58   

PNC BANK

   

PNC Investment Contract Fund

       1.58    1.48       0.10

PNC BANK

   

PNC Investment Contract Fund

    8,103.62          8,103.62   

PNC BANK

   

PNC Investment Contract Fund

    2,519.73          2,519.73   

PNC BANK

   

PNC Investment Contract Fund

    87.92          87.92   

PNC BANK

   

PNC Investment Contract Fund

       87.92    86.18       1.74

PNC BANK

   

PNC Investment Contract Fund

       556.38    527.02       29.36

PNC BANK

   

PNC Investment Contract Fund

       2,082.67    1,960.11       122.56

PNC BANK

   

PNC Investment Contract Fund

    10,633.43          10,633.43   

PNC BANK

   

PNC Investment Contract Fund

    12,320.12          12,320.12   

PNC BANK

   

PNC Investment Contract Fund

       56.37    56.37      

PNC BANK

   

PNC Investment Contract Fund

    11,658.86          11,658.86   

PNC BANK

   

PNC Investment Contract Fund

       700.53    662.91       37.62

PNC BANK

   

PNC Investment Contract Fund

    1,157,863.77          1,157,863.77   

 

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Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE OF
ASSET		    NET GAIN/
LOSS
PNC BANK   

PNC Investment Contract Fund

    14,275.91          14,275.91   
PNC BANK   

PNC Investment Contract Fund

       24,588.18    21,785.21       2,802.97
PNC BANK   

PNC Investment Contract Fund

    913.09          913.09   
PNC BANK   

PNC Investment Contract Fund

       1,160,019.41    1,158,776.86       1,242.55
PNC BANK   

PNC Investment Contract Fund

    1,160,019.38          1,160,019.38   
PNC BANK   

PNC Investment Contract Fund

    10,111.16          10,111.16   
PNC BANK   

PNC Investment Contract Fund

       231.20    225.74       5.46
PNC BANK   

PNC Investment Contract Fund

       1,245.75    1,213.47       32.28
PNC BANK   

PNC Investment Contract Fund

       82,666.37    82,577.94       88.43
PNC BANK   

PNC Investment Contract Fund

       11,834.89    11,814.84       20.05
PNC BANK   

PNC Investment Contract Fund

    9,730.87          9,730.87   
PNC BANK   

PNC Investment Contract Fund

       3,189.96    3,180.09       9.87
PNC BANK   

PNC Investment Contract Fund

    9,899.67          9,899.67   
PNC BANK   

PNC Investment Contract Fund

       1,203.38    1,167.94       35.44
PNC BANK   

PNC Investment Contract Fund

       71,512.88    71,231.31       281.57
PNC BANK   

PNC Investment Contract Fund

       15,135.96    15,074.70       61.26
PNC BANK   

PNC Investment Contract Fund

    9,216.25          9,216.25   
PNC BANK   

PNC Investment Contract Fund

       11,937.72    11,883.66       54.06
PNC BANK   

PNC Investment Contract Fund

       4,692.17    4,669.61       22.56
PNC BANK   

PNC Investment Contract Fund

    9,063.50          9,063.50   
PNC BANK   

PNC Investment Contract Fund

       576.71    576.33       0.38

 

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Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS

PNC BANK

   

PNC Investment Contract Fund

       16.26    15.21       1.05

PNC BANK

   

PNC Investment Contract Fund

       24,522.68    24,388.42       134.26

PNC BANK

   

PNC Investment Contract Fund

       14,830.19    14,736.54       93.65

PNC BANK

   

PNC Investment Contract Fund

    8,078.46          8,078.46   

PNC BANK

   

PNC Investment Contract Fund

    5,163.02          5,163.02   

PNC BANK

   

PNC Investment Contract Fund

       32,102.48    31,863.52       238.96

PNC BANK

   

PNC Investment Contract Fund

       10,207.83    10,137.80       70.03

PNC BANK

   

PNC Investment Contract Fund

       19,924.07    19,793.71       130.36

PNC BANK

   

PNC Investment Contract Fund

       56,743.70    56,323.39       420.31

PNC BANK

   

PNC Investment Contract Fund

       34,148.76    33,892.08       256.68

PNC BANK

   

PNC Investment Contract Fund

       6,545.41    6,495.49       49.92

PNC BANK

   

PNC Investment Contract Fund

       34,428.28    34,158.60       269.68

PNC BANK

   

PNC Investment Contract Fund

    7,468.88          7,468.88   

PNC BANK

   

PNC Investment Contract Fund

       918.43    887.00       31.43

PNC BANK

   

PNC Investment Contract Fund

       5,000.00    4,639.00       361.00

PNC BANK

   

PNC Investment Contract Fund

    322.22          322.22   

PNC BANK

   

PNC Investment Contract Fund

       5,291.82    5,242.04       49.78

PNC BANK

   

PNC Investment Contract Fund

    8,949.31          8,949.31   

PNC BANK

   

PNC Investment Contract Fund

       12,000.00    11,881.91       118.09

PNC BANK

   

PNC Investment Contract Fund

       48,407.70    45,289.60       3,118.10

PNC BANK

   

PNC Investment Contract Fund

    84.00          84.00   

 

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Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS

PNC BANK

   

PNC Investment Contract Fund

       1,253.99    1,204.53       49.46

PNC BANK

   

PNC Investment Contract Fund

    18,780.34          18,780.34   

PNC BANK

   

PNC Investment Contract Fund

       1,837.35    1,769.91       67.44

PNC BANK

   

PNC Investment Contract Fund

    8,961.84          8,961.84   

PNC BANK

   

PNC Investment Contract Fund

       1,057.13    1,013.01       44.12

PNC BANK

   

PNC Investment Contract Fund

    9,220.47          9,220.47   

PNC BANK

   

PNC Investment Contract Fund

    9,053.66          9,053.66   

PNC BANK

   

PNC Investment Contract Fund

       30,053.32    27,407.76       2,645.56

PNC BANK

   

PNC Investment Contract Fund

    7,559.37          7,559.37   

PNC BANK

   

PNC Investment Contract Fund

       1,203.70    1,150.75       52.95

PNC BANK

   

PNC Investment Contract Fund

    54.50          54.50   

PNC BANK

   

PNC Investment Contract Fund

       9,931.06    9,866.20       64.86

PNC BANK

   

PNC Investment Contract Fund

       1,851.72    1,822.34       29.38

PNC BANK

   

PNC Investment Contract Fund

       829.73    793.67       36.06

PNC BANK

   

PNC Investment Contract Fund

    7,582.67          7,582.67   

PNC BANK

   

PNC Investment Contract Fund

    858.07          858.07   

PNC BANK

   

PNC Investment Contract Fund

    0.02          0.02   

PNC BANK

   

PNC Investment Contract Fund

    0.05          0.05   

PNC BANK

   

PNC Investment Contract Fund

       72,113.52    70,661.80       1,451.72

PNC BANK

   

PNC Investment Contract Fund

       54.63    54.50       0.13

PNC BANK

   

PNC Investment Contract Fund

    7,671.73          7,671.73   

 

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Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS

PNC BANK

   

PNC Investment Contract Fund

    36,261.15          36,261.15   

PNC BANK

   

PNC Investment Contract Fund

       1,113.34    1,060.85       52.49

PNC BANK

   

PNC Investment Contract Fund

    7,244.10          7,244.10   

PNC BANK

   

PNC Investment Contract Fund

    7,334.34          7,334.34   

PNC BANK

   

PNC Investment Contract Fund

       10,980.37    10,887.64       92.73

PNC BANK

   

PNC Investment Contract Fund

       286.13    259.38       26.75

PNC BANK

   

PNC Investment Contract Fund

    684.46          684.46   

PNC BANK

   

PNC Investment Contract Fund

    7,198.99          7,198.99   

PNC BANK

   

PNC Investment Contract Fund

    10,000.00          10,000.00   

PNC BANK

   

PNC Investment Contract Fund

       48,000.00    43,665.42       4,334.58

PNC BANK

   

PNC Investment Contract Fund

    7,136.99          7,136.99   

PNC BANK

   

PNC Investment Contract Fund

       1,307.72    1,252.19       55.53

PNC BANK

   

PNC Investment Contract Fund

    38.07          38.07   

PNC BANK

   

PNC Investment Contract Fund

       30.15    28.87       1.28

PNC BANK

   

PNC Investment Contract Fund

    14,734.84          14,734.84   

PNC BANK

   

PNC Investment Contract Fund

       1,250.01    1,185.34       64.67

PNC BANK

   

PNC Investment Contract Fund

    6,172.89          6,172.89   
  

Penn VA 401k slf

    5,181.40          5,181.40   
  

Penn VA 401k slf

       0.03    0.03      
  

Penn VA 401k slf

    7,732.02          7,732.02   
  

Penn VA 401k slf

    0.83          0.83   

 

-15-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

       13,081.77    13,081.77      
  

Penn VA 401k slf

    8,956.90          8,956.90   
  

Penn VA 401k slf

    310.62          310.62   
  

Penn VA 401k slf

    8.61          8.61   
  

Penn VA 401k slf

    9,441.59          9,441.59   
  

Penn VA 401k slf

       18,582.35    18,582.35      
  

Penn VA 401k slf

    16.53          16.53   
  

Penn VA 401k slf

    18,279.94          18,279.94   
  

Penn VA 401k slf

       9,615.58    9,615.58      
  

Penn VA 401k slf

       8,760.98    8,760.98      
  

Penn VA 401k slf

    572.91          572.91   
  

Penn VA 401k slf

       3.00    3.00      
  

Penn VA 401k slf

       593.28    593.28      
  

Penn VA 401k slf

    9,134.66          9,134.66   
  

Penn VA 401k slf

    5.33          5.33   
  

Penn VA 401k slf

    7.94          7.94   
  

Penn VA 401k slf

    9,497.27          9,497.27   
  

Penn VA 401k slf

       18,641.72    18,641.72      
  

Penn VA 401k slf

    41,975.19          41,975.19   
  

Penn VA 401k slf

       9,453.07    9,453.07      
  

Penn VA 401k slf

    8,331.37          8,331.37   

 

16

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

       40,846.30    40,846.30      
  

Penn VA 401k slf

    37.52          37.52   
  

Penn VA 401k slf

    11,047.47          11,047.47   
  

Penn VA 401k slf

       11,114.17    11,114.17      
  

Penn VA 401k slf

    10,928.16          10,928.16   
  

Penn VA 401k slf

       0.83    0.83      
  

Penn VA 401k slf

       10,937.40    10,937.40      
  

Penn VA 401k slf

    4,015.77          4,015.77   
  

Penn VA 401k slf

    23.00          23.00   
  

Penn VA 401k slf

    1,183.48          1,183.48   
  

Penn VA 401k slf

    10,990.32          10,990.32   
  

Penn VA 401k slf

       154.61    154.61      
  

Penn VA 401k slf

       1.12    1.12      
  

Penn VA 401k slf

       15,840.96    15,840.96      
  

Penn VA 401k slf

    10,813.78          10,813.78   
  

Penn VA 401k slf

       10,921.27    10,921.27      
  

Penn VA 401k slf

    23.46          23.46   
  

Penn VA 401k slf

    41,774.04          41,774.04   
  

Penn VA 401k slf

    11,430.97          11,430.97   
  

Penn VA 401k slf

       9,453.07    9,453.07      
  

Penn VA 401k slf

    115.35          115.35   

 

-17-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

    5,698.30          5,698.30   
  

Penn VA 401k slf

       49,109.83    49,109.83      
  

Penn VA 401k slf

    11,310.62          11,310.62   
  

Penn VA 401k slf

    5,163.03          5,163.03   
  

Penn VA 401k slf

    1,540.27          1,540.27   
  

Penn VA 401k slf

    13,555.49          13,555.49   
  

Penn VA 401k slf

    8,179.81          8,179.81   
  

Penn VA 401k slf

       40,140.60    40,140.60      
  

Penn VA 401k slf

    12,284.25          12,284.25   
  

Penn VA 401k slf

    14,749.15          14,749.15   
  

Penn VA 401k slf

       919.72    919.72      
  

Penn VA 401k slf

    5,000.00          5,000.00   
  

Penn VA 401k slf

       31,239.79    31,239.79      
  

Penn VA 401k slf

       0.73    0.73      
  

Penn VA 401k slf

    10,853.46          10,853.46   
  

Penn VA 401k slf

       0.02    0.02      
  

Penn VA 401k slf

    4,419.94          4,419.94   
  

Penn VA 401k slf

       510.65    510.65      
  

Penn VA 401k slf

    29,597.56          29,597.56   
  

Penn VA 401k slf

       44,425.09    44,425.09      
  

Penn VA 401k slf

    10,777.03          10,777.03   

 

-18-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

    55.56          55.56   
  

Penn VA 401k slf

       10,803.27    10,803.27      
  

Penn VA 401k slf

       0.31    0.31      
  

Penn VA 401k slf

    10,488.95          10,488.95   
  

Penn VA 401k slf

    9,891.59          9,891.59   
  

Penn VA 401k slf

       20,408.10    20,408.10      
  

Penn VA 401k slf

    41,265.84          41,265.84   
  

Penn VA 401k slf

    39.30          39.30   
  

Penn VA 401k slf

       9,453.07    9,453.07      
  

Penn VA 401k slf

    10,120.22          10,120.22   
  

Penn VA 401k slf

       100.72    100.72      
  

Penn VA 401k slf

       41,915.74    41,915.74      
  

Penn VA 401k slf

       0.63    0.63      
  

Penn VA 401k slf

    10,465.88          10,465.88   
  

Penn VA 401k slf

    6,906.90          6,906.90   
  

Penn VA 401k slf

    3,972.43          3,972.43   
  

Penn VA 401k slf

       20,927.15    20,927.15      
  

Penn VA 401k slf

    4,726.61          4,726.61   
  

Penn VA 401k slf

       1.75    1.75      
  

Penn VA 401k slf

    10,686.04          10,686.04   
  

Penn VA 401k slf

    1,643.73          1,643.73   

 

-19-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

       0.12    0.12      
  

Penn VA 401k slf

       17,158.59    17,158.59      
  

Penn VA 401k slf

    858.05          858.05   
  

Penn VA 401k slf

    1.85          1.85   
  

Penn VA 401k slf

       0.05    0.05      
  

Penn VA 401k slf

    10,517.11          10,517.11   
  

Penn VA 401k slf

    1,503.83          1,503.83   
  

Penn VA 401k slf

       13,111.08    13,111.08      
  

Penn VA 401k slf

    39.15          39.15   
  

Penn VA 401k slf

    10,935.82          10,935.82   
  

Penn VA 401k slf

       10,955.34    10,955.34      
  

Penn VA 401k slf

    0.67          0.67   
  

Penn VA 401k slf

    10,796.17          10,796.17   
  

Penn VA 401k slf

    40,789.44          40,789.44   
  

Penn VA 401k slf

    684.46          684.46   
  

Penn VA 401k slf

       52,170.86    52,170.86      
  

Penn VA 401k slf

       377.65    377.65      
  

Penn VA 401k slf

    10,729.45          10,729.45   
  

Penn VA 401k slf

    42.12          42.12   
  

Penn VA 401k slf

    173.43          173.43   
  

Penn VA 401k slf

       10,624.54    10,624.54      

 

-20-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn VA 401k slf

    13,087.54          13,087.54   
  

Penn VA 401k slf

    5,392.39          5,392.39   
  

Penn VA 401k slf

    157.03          157.03   
  

Penn VA 401k slf

    10,643.21          10,643.21   
  

Penn VA 401k slf

       29,368.59    29,368.59      
  

Penn Virginia Corp Stock

       84,698.80    79,082.94       5,615.86
  

Penn Virginia Corp Stock

       6,020.70    5,252.34       768.36
  

Penn Virginia Corp Stock

    13,081.77          13,081.77   
  

Penn Virginia Corp Stock

    18,305.91          18,305.91   
  

Penn Virginia Corp Stock

       2,561.10    1,851.47       709.63
  

Penn Virginia Corp Stock

    8,760.98          8,760.98   
  

Penn Virginia Corp Stock

       8,760.98    8,760.98      
  

Penn Virginia Corp Stock

    8,760.98          8,760.98   
  

Penn Virginia Corp Stock

    18,057.68          18,057.68   
  

Penn Virginia Corp Stock

       18,057.68    14,516.83       3,540.85
  

Penn Virginia Corp Stock

       10,538.55    8,858.93       1,679.62
  

Penn Virginia Corp Stock

    593.28          593.28   
  

Penn Virginia Corp Stock

       6,500.00    4,070.36       2,429.64
  

Penn Virginia Corp Stock

    18,641.72          18,641.72   
  

Penn Virginia Corp Stock

    40,846.30          40,846.30   
  

Penn Virginia Corp Stock

       25.16    19.23       5.93

 

-21-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn Virginia Corp Stock

    11,102.22          11,102.22   
  

Penn Virginia Corp Stock

       115.60    89.99       25.61
  

Penn Virginia Corp Stock

       108.26    109.84       -1.58
  

Penn Virginia Corp Stock

    10,937.40          10,937.40   
  

Penn Virginia Corp Stock

       6,165.89    5,255.99       909.90
  

Penn Virginia Corp Stock

       27,975.00    18,992.05       8,982.95
  

Penn Virginia Corp Stock

    53.47          53.47   
  

Penn Virginia Corp Stock

       119.75    151.44       -31.69
  

Penn Virginia Corp Stock

    15,840.96          15,840.96   
  

Penn Virginia Corp Stock

    10,921.27          10,921.27   
  

Penn Virginia Corp Stock

       66.00    63.60       2.40
  

Penn Virginia Corp Stock

    49,109.83          49,109.83   
  

Penn Virginia Corp Stock

       49.09    42.21       6.88
  

Penn Virginia Corp Stock

    40,140.60          40,140.60   
  

Penn Virginia Corp Stock

       11.96    7.75       4.21
  

Penn Virginia Corp Stock

    31,239.79          31,239.79   
  

Penn Virginia Corp Stock

       84.00    77.05       6.95
  

Penn Virginia Corp Stock

       78,296.49    58,478.43       19,818.06
  

Penn Virginia Corp Stock

       13,041.20    9,378.66       3,662.54
  

Penn Virginia Corp Stock

    44,425.09          44,425.09   
  

Penn Virginia Corp Stock

       12,347.65    6,111.34       6,236.31

 

-22-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE
OF ASSET		    NET GAIN/
LOSS
  

Penn Virginia Corp Stock

       47.34    31.99       15.35
  

Penn Virginia Corp Stock

    10,803.27          10,803.27   
  

Penn Virginia Corp Stock

       28,528.40    17,964.12       10,564.28
  

Penn Virginia Corp Stock

       0.02    0.00       0.02
  

Penn Virginia Corp Stock

    20,408.10          20,408.10   
  

Penn Virginia Corp Stock

       670.67    515.39       155.28
  

Penn Virginia Corp Stock

       50,744.63    33,942.66       16,801.97
  

Penn Virginia Corp Stock

    41,915.74          41,915.74   
  

Penn Virginia Corp Stock

       7,055.59    4,750.94       2,304.65
  

Penn Virginia Corp Stock

    20,927.15          20,927.15   
  

Penn Virginia Corp Stock

       200,179.25    125,296.55       74,882.70
  

Penn Virginia Corp Stock

       32,292.71    14,006.24       18,266.47
  

Penn Virginia Corp Stock

    12,591.67          12,591.67   
  

Penn Virginia Corp Stock

       24,732.80    17,158.95       7,573.85
  

Penn Virginia Corp Stock

    17,158.59          17,158.59   
  

Penn Virginia Corp Stock

       36,261.15    34,326.35       1,934.80
  

Penn Virginia Corp Stock

    1,136.00          1,136.00   
  

Penn Virginia Corp Stock

       1,136.00    1,061.94       74.06
  

Penn Virginia Corp Stock

       568.00    493.94       74.06
  

Penn Virginia Corp Stock

    13,111.08          13,111.08   
  

Penn Virginia Corp Stock

    10,955.34          10,955.34   

 

-23-

Table of Contents

Schedule 2

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2005

Schedule H, Part IV, Item 4j of Form 5500, EIN #23-1184320, Plan 001

IDENTITY OF PARTY INVOLVED

   

DESCRIPTION OF ASSET

    PURCHASE
PRICE		    SELLING
PRICE		    COST OF
ASSET		    CURRENT
VALUE OF
ASSET		    NET GAIN/
LOSS
  

Penn Virginia Corp Stock

       1,843.00    1,714.61       128.39
  

Penn Virginia Corp Stock

       887.06    286.61       600.45
  

Penn Virginia Corp Stock

    52,170.86          52,170.86   
  

Penn Virginia Corp Stock

       9,248.05    1,786.25       7,462.60
  

Penn Virginia Corp Stock

    10,624.54          10,624.54   
  

Penn Virginia Corp Stock

    29,368.59          29,368.59   
PNC BANK   

PNC Investment Contract Fund

    2,699,611.27    1,891,110.23    1,871,255.74    2,699,611.27    19,854.49
  

Federated Total Return Bond

    282,847.58    83,149.78    78,381.65    282,847.58    4,768.13
  

AIM Basic Value

    160,821.60    67,601.70    61,871.05    160,821.60    5,730.65
  

Federated Capital Appreciation

    157,068.11    77,653.16    73,049.21    157,068.11    4,603.95
  

MFS MA Investors Growth Stock

    148,327.83    171,979.91    174,520.17    148,327.83    -2,540.26
  

MFS Strategic Growth

    115,811.55    136,429.02    139,166.46    115,811.55    -2,737.44
  

Janus Adviser Intl Growth

    0.00    0.00    0.00    0.00   
  

Federated Mid-Cap Index

    453,331.80    225,295.41    199,547.41    453,331.80    25,748.00
  

Fidelity Advisor Value Strat

    254,196.98    98,171.94    83,424.77    254,196.98    14,747.17
  

Penn Virginia Corp Stock

    581,990.18    669,739.33    474,507.97    581,990.18    195,231.36
  

Penn VA 401k slf

    581,580.11    581,725.50    581,725.50    581,580.11   
BANK FUND   

Loan

    152,010.71    73,861.78    73,861.78    152,010.71   
  

Fidelity Advisor Div Int’l

    446,646.66    130,456.01    118,592.22    446,646.66    11,863.79
  

Royce Low Price Stock

    227,520.53    19,037.78    18,536.86    227,520.53    500.92
  

T Rowe Ret 2010 R

    90,907.96    1.02    1.02    90,907.96   
  

T Rowe Ret 2020 R

    189,403.28    636.92    597.71    189,403.28    39.21
  

T Rowe Ret 2030 R

    101,342.02    46,156.59    41,844.28    101,342.02    4,312.31
  

T Rowe Ret 2040 R

    20,579.42    239.58    238.44    20,579.42    1.14
  

T Rowe Ret Income R

    17,337.65    3,431.50    3,417.38    17,337.65    14.12

 

-24-

Table of Contents

EXHIBITS

The following document is filed as an exhibit to this Annual Report on Form 11-K:

 

Exhibit
Number		   

Description

23    Consent of Independent Registered Public Accounting Firm

 

25

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

By:  

/s/ Frank A. Pici

 

Frank A. Pici

Executive Vice President and Chief Financial Officer, Penn Virginia Corporation

Member, Plan Administrative Committee

Date:   June 28, 2006

 

26