Oil and gas exploration company, Penn Virginia Corporation PVAC recently announced that it has inked an agreement with Devon Energy Corporation DVN, a larger rival from the same industry, to buy Eagle Ford shale assets from the latter for $205 million.Deal DetailsThe properties are located in Lavaca County, TX. It will add 19,600 net acres adjacent to the company’s core operations, increasing its leasehold position. The acquisition also includes approximately $20 million worth midstream assets, along with an infield gathering and compression system. Moreover, the purchase will increase the company's working interest in the Lager 3H well of Gonzales County from approximately 41% to 96%. The deal is expected to be over by the end of Sep 2017.Penn Virginia will fund a part of the transaction through $150 million of new committed debt financing under its credit facility. The company expects the price of the assets to decrease almost $15 million, reflecting estimated net cash flows from the effective date of Mar 1 to Sep 30. The company estimates net production value of the assets to be around $105 million.As far as Devon Energy is concerned, selling the Eagle Ford Shale assets was part of its $1 billion divestiture program, as announced in May 2017.Reasons Behind the DealThe acquisition is in line with Penn Virginia's long-term growth strategy. The company expects the move to increase its net production by 30%, or 3,000 barrels of oil equivalent per day (BOE/d), of which 64% is oil. The purchase will add about 6.3 million barrels of oil equivalent (MMBoe) net proved developed producing reserves. The total resource potential of the newly bought assets is expected to be more than 60 MMBoe.Penn Virginia has planned to use its technical capabilities in the acquired assets to increase production efficiency and reduce operating and administrative costs per BOE in the current commodity-price environment. The company expects the acquisition to generate about $40 million of operational synergies. It will also increase Penn Virginia’s net drilling inventory and net treatable lateral length by 23% and 33%, respectively.About the CompanyPenn Virginia is an oil and gas company. It is engaged in exploration, development and production of oil, NGLs and natural gas. The company operates primarily in Eagle Ford Shale in South Texas and Oklahoma. Penn Virginia is headquartered in Houston, TX.The company recently came out of bankruptcy, which adversely affects its business. The key suppliers of Penn Virginia could terminate their relationship due to uncertainties and other risks.Zacks Rank and Stocks to ConsiderPenn Virginia presently has a Zacks Rank #5 (Strong Sell).Some better-ranked stocks in the oil and energy sector include Braskem S.A. BAK and Global Partners LP GLP. Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Braskem’s sales for 2017 are expected to increase 11% year over year. The company delivered an average positive earnings surprise of 107.8% in the last four quarters.Global Partners’ sales for the third quarter of 2017 are expected to increase 3.5% year over year. The partnership delivered an average positive earnings surprise of 415.3% in the last four quarters.More Stock News: Tech Opportunity Worth $386 Billion in 2017From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP): Free Stock Analysis Report Braskem S.A. (BAK): Free Stock Analysis Report Devon Energy Corporation (DVN): Free Stock Analysis Report Penn Virginia Corporation (PVAC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research