Here's what I got back from PVA's investor relations (Jim Dean) regarding the secondary/calling the bonds:
"The use of proceeds will be to pay off our revolver and to have the balance as cash on our balance sheet. We will use that cash and re-borrowings under the revolver primarily to fund our Eagle Ford Shale drilling, completion and expansion activity later this year and into next year.
We cannot call the 10.375% bonds until mid-2013, although we can always tender for them. However, we would prefer to earn 50% drilling Eagle Ford Shale wells to "earning" 10% by retiring bonds that are not due for 3.5 years.