Penn Virginia is an independent oil and gas company engaged in the onshore exploration, development and production of crude oil, natural gas liquids (NGLs) and natural gas. Co.'s operations consist primarily of drilling unconventional horizontal development wells and operating its producing wells in the Eagle Ford Shale, in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. Co. operates in one segment, which is the exploration, development and production of crude oil, NGLs and natural gas. Co. sells its oil, NGL and natural gas products using short-term floating price physical and spot market contracts.