RADNOR, Pa., Jan. 15, 2016 (GLOBE NEWSWIRE) — Penn Virginia Corporation (OTC Pink:PVAH) today announced that it has retained financial advisors Jefferies LLC and legal advisors Kirkland & Ellis LLP to advise management and the Board of Directors on strategic alternatives related to its capital structure.
Edward B. Cloues, II, Chairman and interim Chief Executive Officer stated, “We believe Penn Virginia has a strong future, even in today’s challenging commodity price environment. Consequently, we have retained Jefferies and Kirkland & Ellis to advise us in exploring strategic alternatives with respect to restructuring our balance sheet, including our senior unsecured notes, which trade at levels significantly below face value, and enhancing liquidity.”
No assurance can be given as to the outcome or timing of this strategic and financial review. The Company does not intend to make any further announcements concerning this process unless and until the Company determines that disclosures are necessary or appropriate.
Penn Virginia Corporation 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.