HOUSTON, July 23, 2018 (GLOBE NEWSWIRE) — Penn Virginia Corporation (NASDAQ:PVAC) (the “Company” or “Penn Virginia”) announced today that its Board of Directors (the “Board”) intends to evaluate a range of strategic alternatives to enhance shareholder value, including without limitation, a corporate sale, merger or other business combination, one or more strategic acquisitions, or other transactions.
John A. Brooks, President and Chief Executive Officer, said, “Our management team and Board have always been focused on maximizing shareholder value and, given the Company’s recent operational and financial successes, we believe now is an opportune time to evaluate a range of strategic alternatives. I am extremely proud of our team’s performance in increasing the value of our Eagle Ford assets and achieving peer-leading metrics in production growth and profit margin. During this evaluation process, the Company will continue to execute its business plan and focus on our 2018 goals of growing production by approximately 125%, spending within cash flow by the fourth quarter and reaching our target leverage ratio of 1.5x by year-end.”
There is no assurance that the evaluation process will result in a transaction. The Company has not set a timetable for the evaluation process, and Penn Virginia does not intend to disclose or comment on developments related to its evaluation unless the Company has determined that further disclosure is appropriate or required by law.
Penn Virginia has retained Jefferies LLC as its financial advisor to assist with the evaluation process.
About Penn Virginia Corporation
Penn Virginia Corporation is an independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, with a focus in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com.