Oil & Gas Losers : Penn Virginia (PVA), Legacy Reserves (LGCY), Oasis Petroleum (OAS), BPZ Resources (BPZ)

Penn Virginia Corp. (PVA) announced that it has entered into a definitive agreement to sell its Mississippi assets to an undisclosed buyer for gross cash proceeds of $72.7 million. The sale is expected to close in July 2014 and is subject to customary purchase price adjustments and other customary closing conditions.

The price of Penn Virginia Corporation (NYSE : PVA), slid $-0.67 (or -4.44%) to $14.41 in intraday trading post fluctuating among $13.92 and $15.08. At the closing bell, shares in Penn Virginia Corporation recorded a trading volume of 5266507 shares as compared to its average volume of 3057720 shares. Total market capitalization of company is $941.6 million.

Legacy Reserves LP (LGCY), together with its wholly owned subsidiary Legacy Reserves Finance Corp., announced that they intend to offer an additional $250 million in aggregate principal amount of 6.625 percent senior unsecured notes due 2021. Legacy expects to use the net proceeds of this offering to fund a portion of the cash consideration for its previously announced acquisition of a non-operated interest in oil and natural gas properties in the Piceance Basin in Garfield County, Colorado.

The price of Legacy Reserves LP (NASDAQ : LGCY), slashed $-0.26 (or -0.89%) to $29.02 in intraday trading post fluctuating among $28.9101 and $29.29. Legacy Reserves LP has $1.671 billion market capitalization. The stock recorded a trading volume of 257393 shares as compared to its average volume of 228180 shares.

Oasis Petroleum Inc is an exploration and production company. The Company acquires and develops unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.

Oasis Petroleum Inc. (NYSE : OAS), crashed $-0.46 (or -0.91%) in last regular trading to $49.89, after vacillating among $49.51 and $50.67. The stock’s 52-week range is $57.33 – $36.82 with 22.25%change compare to 18.08% of S&P 500.

BPZ Resources Inc. is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas in Peru and Ecuador.

BPZ Resources Inc. (NYSE : BPZ), slashed $-0.03 (or -1.00%) in last regular trading to $2.97, after vacillating among $2.76 and $2.98. Company has 116.04 million shares outstanding with $344.6 million market capitalization. BPZ Resources Inc. recorded -3.36% return on assets (ROA) and 0.97x current ratio.

About

Joseph Clements, CPA, is a senior analyst for The Downtown Leader. If you have a great story idea for Joseph Clements, you can write at [Joseph.Clements@downtownleader.com ].

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