RADNOR, Pa., Sept. 17, 2015 (GLOBE NEWSWIRE) — Penn Virginia Corporation (NYSE:PVA) announced today that, given the current commodity price environment, the need to preserve liquidity and the resulting reduction in capital available to invest in its high-quality assets, it has suspended the quarterly dividends on its 6.00% Series A convertible preferred stock (Series A) and its 6.00% Series B convertible preferred stock (Series B) for the quarter ending September 30, 2015. As a result, no dividends for the third quarter of 2015 will be paid to holders of Series A or Series B depositary shares, each representing a 1/100th interest in a share of Series A or Series B preferred stock. The Company will continue to re-evaluate the dividend payment policy on a quarterly basis.
The suspension of quarterly dividends does not affect the Company’s business operations and does not cause an event of default under any of its debt agreements.
Under the terms of Series A and Series B preferred stock, any unpaid dividends, including the unpaid dividends for the quarter ending September 30, 2015 and any future unpaid dividends, will accumulate. If the Company does not pay dividends on its Series A and Series B preferred stock for six quarterly periods, whether consecutive or non-consecutive, the holders of depositary shares of both series of preferred stock, voting together as a single class, will have the right to elect two additional directors to serve on the Company’s Board of Directors until all accumulated and unpaid dividends are paid in full.
Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas. For more information, please visit our website at www.pennvirginia.com.
CONTACT: James W. Dean Vice President, Corporate Development Ph: (610) 687-7531 Fax: (610) 687-3688 E-Mail: [email protected]