Magnolia to be Headquartered in Houston, Texas and Trade on the NYSE Under the Ticker “MGY” Effective August 1, 2018
HOUSTON–(BUSINESS WIRE)–TPG Pace Energy Holdings Corp. (NYSE: TPGE, TPGE.U, TPGE WS) (“TPGE,” “Magnolia” or the “Company”) announced today the completion of its previously announced business combination with EnerVest, Ltd.’s South Texas Division (the “business combination”). In connection with the closing, TPGE has changed its name to Magnolia Oil & Gas Corporation and expects its Class A Common Stock and Warrants to trade on the NYSE under the ticker symbols “MGY” and “MGY WS,” respectively, starting August 1, 2018. Magnolia will have its headquarters in Houston, Texas.
“We are happy to have completed our acquisition of EnerVest Ltd.’s South Texas Division,” said Steve Chazen, President, Chief Executive Officer and Chairman of Magnolia. “We look forward to delivering on our objective of maximizing shareholder returns by generating steady production growth, strong pre-tax margins and significant free cash flow.”
Additionally, in connection with the closing, Chazen’s long-time colleague Christopher Stavros was appointed as the Company’s Chief Financial Officer. Most recently, Stavros served as Chief Financial Officer of Occidental Petroleum Corporation. Chazen and Stavros share the philosophy of generating attractive full-cycle returns while maintaining a strong balance sheet with low leverage.
On or about August 14, 2018, Magnolia expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2018 and to release certain financial and operating results for the second quarter and first half of 2018 of the assets Magnolia acquired in the business combination.