Jay might be on to something!

Penn Virginia Corp. of Radnor has filed for bankruptcy protection, joining the ranks of more than 50 oil and gas companies nationwide that have been capsized in the last year by the dramatic plunge in energy prices.

The company, whose oil production assets are concentrated in the Eagle Ford formation in Texas, announced Thursday it has filed a prearranged Chapter 11 restructuring that will reduce the company's long term debt of $1.2 billion by more than $1 billion.

The restructuring was filed in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division.

"Like many other exploration and production companies, Penn Virginia has been significantly affected by the recent and continued dramatic decline in oil and natural gas prices," Edward B. Cloues II, chairman and interim chief executive, said in a statement. "We believe using the Chapter 11 process is the most efficient way to achieve our financial objectives and deleverage the company's balance sheet."