Penn Virginia Resource Partners, primarily a coal, oil and natural gas company, has purchased 62,000 acres of forestland in West Virginia in a $91.3 million deal with MeadWestvaco.
According to the Philadelphia Inquirer, the purchase would triple the 120-year-old company’s harvested timber operations. Timber business currently accounts for less than 1 percent of the company’s revenue, which was $506.7 million last year, a company representative told the newspaper.
Penn Virginia estimated the timber inventory on the land at 240 million board feet of hardwood saw timber that can be used for premium furniture and veneer, and about two million tons of hardwood and conifer pulpwood.
The land is located in the West Virginia counties of Randolph, Upshur, Barbour and Tucker.