-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TYprs1V3BnxpqeUwJ9bWs6cRefFIiP8t0yC0LazB3XNylqsuTRKE7G5Mg11OsfQq 3V7HnWe+ppjPgI1uC1ni/w== 0001193125-08-137071.txt : 20080620 0001193125-08-137071.hdr.sgml : 20080620 20080620093809 ACCESSION NUMBER: 0001193125-08-137071 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080620 DATE AS OF CHANGE: 20080620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN VIRGINIA CORP CENTRAL INDEX KEY: 0000077159 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 231184320 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13283 FILM NUMBER: 08908990 BUSINESS ADDRESS: STREET 1: 100 MATSONFORD ROAD SUITE 300 STREET 2: THREE RADNOR CORPORATE CENTER CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106878900 MAIL ADDRESS: STREET 1: 100 MATSONFORD ROAD SUITE 300 STREET 2: THREE RADNOR CORPORATE CENTER CITY: RADNOR STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA COAL & IRON CO DATE OF NAME CHANGE: 19670501 11-K 1 d11k.htm PENN VIRGINIA CORPORATION Penn Virginia Corporation
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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 fiscal year ended December 31, 2007

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

AUDITED FINANCIAL STATEMENTS AND SCHEDULES

Years Ended December 31, 2007 and 2006

TABLE OF CONTENTS

 

     Page No.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   1

AUDITED FINANCIAL STATEMENTS

  

Statements of Net Assets Available for Benefits

   2

Statements of Changes in Net Assets Available for Benefits

   3

Notes to Financial Statements

   4

SUPPLEMENTAL SCHEDULES

  

Schedule of Assets Held for Investment

   9

Schedule of Reportable Transactions

   10


Table of Contents

LOGO

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, 2007 and 2006, and the related statements of changes in net assets available for benefits for the years then ended. 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 generally accepted auditing standards as established by the Auditing Standards Board (United States) and in accordance with the auditing standards of the Public Company 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit 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 also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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, 2007 and 2006, and the changes in its net assets available for benefits for the years then ended 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 of assets held for investment and reportable transactions, together referred to as “supplemental information,” as of and for the year ended December 31, 2007, 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. This supplemental information is the responsibility of the Plan’s management. The supplemental information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

LOGO

June 20, 2008

West Chester, Pennsylvania

LOGO

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2007 and 2006

 

     2007    2006

ASSETS

     

Investments, at fair value

     

Cash

   $ 9,975    $ 4,001

Common stock

     26,476,167      21,896,526

Registered investment company mutual funds

     17,442,189      13,252,275

Common/Collective Funds

     2,909,738      2,576,250

Participant loans receivable

     308,736      231,740
             

TOTAL INVESTMENTS

     47,146,805      37,960,792

Receivables

     

Employer contributions

     376,032      369,008

Employee contributions

     —        53,254
             

TOTAL RECEIVABLES

     376,032      422,262
             

NET ASSETS AVAILABLE FOR BENEFITS

   $ 47,522,837    $ 38,383,054
             

See accompanying notes.

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Years Ended December 31, 2007 and 2006

 

     2007    2006

ADDITIONS TO NET ASSETS

     

Investment income

     

Interest and dividends

   $ 1,447,464    $ 737,882

Net appreciation in fair value of investments

     3,589,357      1,498,790

Realized gain on the sale of investments

     1,406,454      3,775,958

Interest, participant loans

     —        13,633
             

TOTAL INVESTMENT INCOME

     6,443,275      6,026,263

Contributions

     

Employer

     1,429,982      1,193,679

Employee

     2,217,603      1,819,388
             

TOTAL CONTRIBUTIONS

     3,647,585      3,013,067

Other activity

     1,019      5,236
             

TOTAL ADDITIONS

     10,091,879      9,044,566

DEDUCTIONS FROM NET ASSETS

     

Benefits paid to participants

     951,613      935,007

Administrative fees

     483      2,911
             

TOTAL DEDUCTIONS

     952,096      937,918
             

NET INCREASE IN NET ASSETS

     9,139,783      8,106,648

NET ASSETS AVAILABLE FOR BENEFITS

     

BEGINNING OF YEAR

     38,383,054      30,276,406
             

END OF YEAR

   $ 47,522,837    $ 38,383,054
             

See accompanying notes.

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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

Significant Accounting Policies

The significant accounting policies of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan (the “Plan”) employed in the preparation of the accompanying financial statements follow.

Valuation of Investments - The Plan’s investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year-end. Units of the Common/Collective Funds are valued at net asset value at year-end. The Penn Virginia Corporation and Affiliated Companies (the “Company”) stock fund is valued at its year-end unit closing price (comprised of year-end market price plus uninvested cash position). Participant loans are valued at cost which approximates fair value.

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 years ended December 31, 2007 and 2006, the Company paid expenses of the Plan which were in addition to the expenses paid from the participants’ individual accounts.

General Description of the Plan

A general description of the 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 the Company are eligible to participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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 - Participants were able to contribute up to the lesser of $15,500 (2007) and $15,000 (2006) 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 $225,000 (2007) and $220,000 (2006). In addition, participants who reach age 50 or older and contribute the maximum permitted under the Plan may make an additional pre-tax contribution (a “catch-up contribution”) of up to $5,000 for 2007 and 2006. 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.

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.

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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.

 

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, 2007 and 2006, which represent 5% or more of the Plan’s net assets:

 

     2007    2006

PNC Investment Contract Fund, 960,468 shares (2007) and 887,811 shares (2006)

   $ 2,909,738    $ 2,576,250

Penn Virginia Corporation common stock, 606,834 shares (2007) and 312,629 shares (2006)

   $ 26,476,167    $ 21,896,526

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

NOTE E RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

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

For the year ended December 31, 2007:

     Employer     Employee

Total contributions per financial statements

   $ 1,429,982     $ 2,217,603

Add 2006 contributions receivable

     369,008       53,254

Less 2007 contribution receivable

     (376,032 )     —  
              

TOTAL CONTRIBUTIONS PER FORM 5500

   $ 1,422,958     $ 2,270,857
              

For the year ended December 31, 2006:

     Employer     Employee  

Total contributions per financial statements

   $ 1,193,679     $ 1,819,388  

Add 2005 contributions receivable

     239,393       —    

Less 2006 contributions receivable

     (369,008 )     (53,254 )
                

TOTAL CONTRIBUTIONS PER FORM 5500

   $ 1,064,064     $ 1,766,134  
                

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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

For the year ended December 31, 2007:

     Net
Appreciation
in Fair Value
of Investments
   Realized
Gain (Loss)
on the Sale of
Investments
 

Total per financial statements

   $ 3,589,357    $ 1,406,454  

Difference between the method used in the Form 5500 to calculate realized gain (loss) on investments and the method used in the financial statements

     1,462,472      (1,462,472 )
               

TOTAL PER FORM 5500

   $ 5,051,829    $ (56,018 )
               

For the year ended December 31, 2006:

     Net
Appreciation
in Fair Value
of Investments
   Realized
Gain (Loss)
on the Sale of
Investments
 

Total per financial statements

   $ 1,498,790    $ 3,775,958  

Difference between the method used in the Form 5500 to calculate realized gain (loss) on investments and the method used in the financial statements

     2,878,124      (2,878,124 )
               

TOTAL PER FORM 5500

   $ 4,376,914    $ 897,834  
               

 

NOTE F PLAN AMENDMENTS

The Plan was amended during the Plan years ended December 31, 2007 and 2006. The 2007 amendments increased contribution limits and other matters to conform to changes in Internal Revenue Service regulations. The 2006 amendments affected the definition of “qualified emergency” for hardship withdrawals, the definition of compensation and treatment of dividends related to the ESOP and diversification of ESOP investments.

 

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Table of Contents

SUPPLEMENTAL SCHEDULES


Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF ASSETS HELD FOR INVESTMENT

Year Ended December 31, 2007

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

 

Shares   

Description

   Cost    Current Value
606,834    Penn Virginia Corporation Stock    $ 5,657,075    $ 26,476,167
25,400    AIM Basic Value      815,602      800,087
7,612    American Beacon Lg Cap Value      176,638      169,588
68,672    Federated Mid-Cap Index      1,501,532      1,495,671
183,829    Federated Total Return Bond      1,948,968      1,966,975
39,972    Fidelity Advisor Value Strat      1,228,817      1,071,647
100,560    Fidelity Advisor Div. Int’l      2,188,416      2,172,090
20,097    Fidelity Spartan US Equity Index      944,216      1,043,051
96,720    MFS MA Investors Growth Stock      1,221,648      1,482,722
113,923    Royce Low Price Stock      1,905,806      1,683,776
60,317    T Rowe Ret. 2010 R      922,171      969,894
75,628    T Rowe Ret. 2020 R      1,246,312      1,330,299
70,021    T Rowe Ret. 2030 R      1,265,462      1,323,398
17,224    T Rowe Ret. 2040 R      313,509      328,458
48,096    T Rowe Growth Stock R      1,409,871      1,597,284
81    T Rowe Ret. 2050 R      882      851
481    T Rowe Ret. Income R      6,219      6,398
960,468    PNC Investment Contract Fund      2,680,878      2,909,738
N/A    Uninvested funds      9,975      9,975
2,258    Penn Virginia 401k Slf      2,258      2,258
N/A    Participant loans, 5% to 8%      N/A      306,478
            
         $ 47,146,805
            

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

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    15,977.59          15,977.59   
   Penn VA 401k Slf    117.74          117.74   
   Penn VA 401k Slf       16,361.90    16,361.90      
   Penn VA 401k Slf    14,822.99          14,822.99   
   Penn VA 401k Slf       0.01    0.01      
   Penn VA 401k Slf    18,323.28          18,323.28   
   Penn VA 401k Slf    19,010.45          19,010.45   
   Penn VA 401k Slf    341,535.61          341,535.61   
   Penn VA 401k Slf       393,783.29    393,783.29      
   Penn VA 401k Slf    105.54          105.54   
   Penn VA 401k Slf    18,510.86          18,510.86   
   Penn VA 401k Slf       18,620.58    18,620.58      
   Penn VA 401k Slf    493.12          493.12   
   Penn VA 401k Slf       0.85    0.85      
   Penn VA 401k Slf    18,307.02          18,307.02   
   Penn VA 401k Slf    11,953.24          11,953.24   
   Penn VA 401k Slf       30,755.73    30,755.73      
   Penn VA 401k Slf    12,650.02          12,650.02   
   Penn VA 401k Slf    451.32          451.32   
   Penn VA 401k Slf    22,412.47          22,412.47   
   Penn VA 401k Slf       35,433.97    35,433.97      

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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    35,377.28          35,377.28   
   Penn VA 401k Slf       14.75    14.75      
   Penn VA 401k Slf    17,945.71          17,945.71   
   Penn VA 401k Slf       2,603.70    2,603.70      
   Penn VA 401k Slf       50,556.50    50,556.50      
   Penn VA 401k Slf    133.42          133.42   
   Penn VA 401k Slf    2,983.39          2,983.39   
   Penn VA 401k Slf    7,338.79          7,338.79   
   Penn VA 401k Slf    17,336.78          17,336.78   
   Penn VA 401k Slf       133.29    133.29      
   Penn VA 401k Slf       27,885.94    27,885.94      
   Penn VA 401k Slf    2,292.62          2,292.62   
   Penn VA 401k Slf       35.12    35.12      
   Penn VA 401k Slf       2.22    2.22      
   Penn VA 401k Slf    17,238.81          17,238.81   
   Penn VA 401k Slf       19,426.75    19,426.75      
   Penn VA 401k Slf    97.78          97.78   
   Penn VA 401k Slf       1.35    1.35      
   Penn VA 401k Slf    17,212.78          17,212.78   
   Penn VA 401k Slf    14.28          14.28   
   Penn VA 401k Slf       17,230.19    17,230.19      

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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       0.01    0.01      
   Penn VA 401k Slf    17,526.84          17,526.84   
   Penn VA 401k Slf       317.70    317.70      
   Penn VA 401k Slf    603.88          603.88   
   Penn VA 401k Slf       17,928.00    17,928.00      
   Penn VA 401k Slf    17,446.28          17,446.28   
   Penn VA 401k Slf    34,078.83          34,078.83   
   Penn VA 401k Slf       2,718.75    2,718.75      
   Penn VA 401k Slf       48,857.77    48,857.77      
   Penn VA 401k Slf    17,173.23          17,173.23   
   Penn VA 401k Slf    23,894.33          23,894.33   
   Penn VA 401k Slf    0.38          0.38   
   Penn VA 401k Slf       40,957.55    40,957.55      
   Penn VA 401k Slf    17,050.82          17,050.82   
   Penn VA 401k Slf    161.56          161.56   
   Penn VA 401k Slf       17,247.87    17,247.87      
   Penn VA 401k Slf    17,508.76          17,508.76   
   Penn VA 401k Slf    14,119.23          14,119.23   
   Penn VA 401k Slf    19,639.46          19,639.46   
   Penn VA 401k Slf       51,332.88    51,332.88      
   Penn VA 401k Slf    71,690.42          71,690.42   

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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       35,845.21    35,845.21      
   Penn VA 401k Slf       0.16    0.16      
   Penn VA 401k Slf    1.00          1.00   
   Penn VA 401k Slf    18,173.60          18,173.60   
   Penn VA 401k Slf       53,950.41    53,950.41      
   Penn VA 401k Slf    12.30          12.30   
   Penn VA 401k Slf    17,827.41          17,827.41   
   Penn VA 401k Slf       17,826.62    17,826.62      
   Penn VA 401k Slf    154.58          154.58   
   Penn VA 401k Slf    17,961.93          17,961.93   
   Penn VA 401k Slf    34,056.74          34,056.74   
   Penn VA 401k Slf       0.02    0.02      
   Penn VA 401k Slf    16,438.59          16,438.59   
   Penn VA 401k Slf       2,718.75    2,718.75      
   Penn VA 401k Slf       65,960.85    65,960.85      
   Penn VA 401k Slf    17,949.88          17,949.88   
   Penn VA 401k Slf       17,873.80    17,873.80      
   Penn VA 401k Slf    3,366.48          3,366.48   
   Penn VA 401k Slf    17,848.30          17,848.30   
   Penn VA 401k Slf    132.43          132.43   
   Penn VA 401k Slf       21,353.94    21,353.94      

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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    8,258.17          8,258.17   
   Penn VA 401k Slf    18,168.52          18,168.52   
   Penn VA 401k Slf       26,473.59    26,473.59      
   Penn VA 401k Slf    18,408.50          18,408.50   
   Penn VA 401k Slf    6,214.96          6,214.96   
   Penn VA 401k Slf       24,402.64    24,402.64      
   Penn VA 401k Slf    17,733.52          17,733.52   
   Penn VA 401k Slf    34,174.98          34,174.98   
   Penn VA 401k Slf       2,718.75    2,718.75      
   Penn VA 401k Slf       49,815.68    49,815.68      
   Penn VA 401k Slf    17,405.61          17,405.61   
   Penn VA 401k Slf    122.09          122.09   
   Penn VA 401k Slf       17,060.11    17,060.11      
   Penn VA 401k Slf    17,603.01          17,603.01   
   Penn VA 401k Slf    3,844.27          3,844.27   
   Penn VA 401k Slf       0.35    0.35      
   Penn VA 401k Slf    20,053.67          20,053.67   
   Penn VA 401k Slf       18.29    18.29      
   Penn VA 401k Slf       41,335.02    41,335.02      
   Penn Virginia Corp Stock    16,361.90          16,361.90   
   Penn Virginia Corp Stock       163.78    175.15       -11.37

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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       30,000.00    9,539.15       20,460.85
   Penn Virginia Corp Stock    393,783.29          393,783.29   
   Penn Virginia Corp Stock    18,620.58          18,620.58   
   Penn Virginia Corp Stock       184,316.00    65,571.55       118,744.45
   Penn Virginia Corp Stock       110,171.71    17,741.19       92,430.52
   Penn Virginia Corp Stock    30,755.73          30,755.73   
   Penn Virginia Corp Stock    13,807.48          13,807.48   
   Penn Virginia Corp Stock       27,454.27    13,505.08       13,949.19
   Penn Virginia Corp Stock    35,433.97          35,433.97   
   Penn Virginia Corp Stock       794.24    711.37       82.87
   Penn Virginia Corp Stock       952.96    1,021.86       -68.90
   Penn Virginia Corp Stock       56.64    60.73       -4.09
   Penn Virginia Corp Stock       67.76    62.90       4.86
   Penn Virginia Corp Stock       115,650.19    30,850.23       84,799.96
   Penn Virginia Corp Stock    50,556.50          50,556.50   
   Penn Virginia Corp Stock       727,494.81    120,516.86       606,977.95
   Penn Virginia Corp Stock       62,176.02    49,952.51       12,223.51
   Penn Virginia Corp Stock    27,885.94          27,885.94   
   Penn Virginia Corp Stock       31,799.97    25,173.23       6,626.74
   Penn Virginia Corp Stock       15,935.11    13,715.19       2,219.92
   Penn Virginia Corp Stock    19,426.75          19,426.75   

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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       9.83    7.32       2.51
   Penn Virginia Corp Stock       60,000.00    12,412.94       47,587.06
   Penn Virginia Corp Stock       1,413.59    1,295.46       118.13
   Penn Virginia Corp Stock    17,230.19          17,230.19   
   Penn Virginia Corp Stock       1,640.29    1,437.47       202.82
   Penn Virginia Corp Stock       0.06    0.06      
   Penn Virginia Corp Stock       19,831.81    15,974.31       3,857.50
   Penn Virginia Corp Stock       100,000.00    14,900.23       85,099.77
   Penn Virginia Corp Stock    17,928.00          17,928.00   
   Penn Virginia Corp Stock    48,857.77          48,857.77   
   Penn Virginia Corp Stock       3,600.00    6,347.80       -2,747.80
   Penn Virginia Corp Stock    40,957.55          40,957.55   
   Penn Virginia Corp Stock    17,247.87          17,247.87   
   Penn Virginia Corp Stock       27.64    25.88       1.76
   Penn Virginia Corp Stock       11,713.17    4,867.80       6,845.37
   Penn Virginia Corp Stock    102,665.76          102,665.76   
   Penn Virginia Corp Stock       51,332.88    51,328.87       4.01
   Penn Virginia Corp Stock       1,003.49    977.65       25.84
   Penn Virginia Corp Stock       20.19    17.86       2.33
   Penn Virginia Corp Stock    53,950.41          53,950.41   
   Penn Virginia Corp Stock       772.05    632.34       139.71

 

- 16 -


Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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    17,826.62          17,826.62   
   Penn Virginia Corp Stock       2,758.77    2,504.26       254.51
   Penn Virginia Corp Stock       28,000.00    18,180.96       9,819.04
   Penn Virginia Corp Stock    65,960.85          65,960.85   
   Penn Virginia Corp Stock    17,873.80          17,873.80   
   Penn Virginia Corp Stock       29,050.32    7,998.70       21,051.62
   Penn Virginia Corp Stock    21,353.94          21,353.94   
   Penn Virginia Corp Stock       5,882.00    3,960.33       1,921.67
   Penn Virginia Corp Stock    26,473.59          26,473.59   
   Penn Virginia Corp Stock       60,000.00    10,418.16       49,581.84
   Penn Virginia Corp Stock       57,206.03    17,317.53       39,888.50
   Penn Virginia Corp Stock    24,402.64          24,402.64   
   Penn Virginia Corp Stock       4,568.47    3,310.06       1,258.41
   Penn Virginia Corp Stock       2,270.81    1,622.90       647.91
   Penn Virginia Corp Stock       65,000.00    31,300.82       33,699.18
   Penn Virginia Corp Stock    49,815.68          49,815.68   
   Penn Virginia Corp Stock    17,060.11          17,060.11   
   Penn Virginia Corp Stock       36,998.23    30,051.37       6,946.86
   Penn Virginia Corp Stock    41,335.02          41,335.02   

PNC BANK

   PNC Investment Contract Fund    768,820.54    550,190.65    512,765.11    768,820.54    37,425.54
   Federated Total Return Bond    789,712.27    475,694.65    479,924.88    789,712.27    -4,230.23

 

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Table of Contents

PENN VIRGINIA CORPORATION AND AFFILIATED COMPANIES

EMPLOYEES’ 401(k) PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

Year Ended December 31, 2007

 

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
   AIM Basic Value    384,495.80    277,315.30    245,756.22    384,495.80    31,559.08
   Federated Capital Appreciation    0.00    0.00    0.00    0.00   
   MFS MA Investors Growth Stock    319,541.41    42,576.98    36,213.79    319,541.41    6,363.19
   MFS Strategic Growth    0.00    0.00    0.00    0.00   
   Janus Adviser Intl Growth    0.00    0.00    0.00    0.00   
   Federated Mid-Cap Index    657,125.07    217,128.96    187,718.63    657,125.07    29,410.33
   Fidelity Advisor Value Strat    663,021.08    171,918.49    175,878.26    663,021.08    -3,959.77
   Penn Virginia Corp Stock    1,187,571.94    1,850,133.09    585,488.08    1,187,571.94    1,264,645.01
   Penn VA 401k Slf    1,169,447.45    1,169,560.86    1,169,560.86    1,169,447.45   

BANK FUND

   Loan    192,396.00    115,286.86    115,286.86    192,396.00   
   Fidelity Advisor Div Int’l    959,755.62    225,933.18    207,249.24    959,755.62    18,683.94
   Royce Low Price Stock    927,732.20    165,193.93    163,868.88    927,732.20    1,325.05
   T Rowe Ret 2010 R    477,287.75    25,797.07    24,915.86    477,287.75    881.21
   T Rowe Ret 2020 R    518,166.80    72,338.98    66,212.45    518,166.80    6,126.53
   T Rowe Ret 2030 R    226,447.76    476,898.09    468,665.42    226,447.76    8,232.67
   T Rowe Ret 2040 R    130,406.52    5,285.57    4,779.64    130,406.52    505.93
   T Rowe Ret Income R    65,696.72    64,231.43    63,971.27    65,696.72    260.16
   T Rowe Growth Stock R    579,137.54    201,564.05    197,781.95    579,137.54    3,782.10
   Fid Spartan US Equity Index Fd    287,178.28    170,916.87    159,715.32    287,178.28    11,201.55
   American Beacon Lg Cap Value    275,670.77    100,837.71    99,526.85    275,670.77    1,310.86
   T Rowe Ret 2050 R    969.35    89.35    87.17    969.35    2.18

 

- 19 -


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

Date: June 20, 2008

 
    By:  

/s/ Frank A. Pici

     

Frank A. Pici

Executive Vice President and Chief Financial Officer, Penn Virginia Corporation

Plan Administrative Committee Member


Table of Contents

EXHIBITS

 

Exhibit
Number

  

Description

23.1    Consent of Independent Registered Public Accounting Firm
EX-23.1 2 dex231.htm CONSENT OF INDEPENDENT PUBLIC ACCOUNTING FIRM Consent of Independent Public Accounting Firm

Exhibit 23.1

LOGO

Consent of Independent Registered Public Accounting Firm

We consent to incorporation, by reference in Registration Statement No. 333-82304, dated February 7, 2002, on Form S-8 pertaining to the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan, of our report dated June 20, 2008, relating to the statements of net assets available for benefits of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan as of December 31, 2007 and 2006, and the related statement of changes in net assets available for benefits for the years ended December 31, 2007 and 2006, and the supplementary schedules, which report appears in the December 31, 2007 annual report on Form 11-K of the Penn Virginia Corporation and Affiliated Companies Employees’ 401(k) Plan.

 

LOGO

June 20, 2008

West Chester, Pennsylvania

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