Mergers & Acquisitions
By The Online Investor Staff, updated Tue., Oct. 19, 3:46 AM
Slide #83. Penn Virginia Corporation — Lonestar Resources US Inc.
||Penn Virginia Corporation (NASDAQ:PVAC)
||Lonestar Resources US Inc.
||Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ: PVAC) today announced it closed the acquisition of Lonestar Resources US Inc. ("Lonestar") and plans to rename the combined company Ranger Oil Corporation ("Ranger", "Ranger Oil" or "the Company"). The Company also announced plans for future operational activity, changes to the composition of its Board of Directors, and a reset of certain Lonestar hedges. The Company maintains focus on maximizing operational and capital efficiency, generating superior returns, and building on its consistent track record of free cash flow generation, which it has sustained every quarter since fourth quarter 2019.
Penn Virginia is an independent oil and gas company engaged in the onshore exploration, development and production of crude oil, natural gas liquids (NGLs) and natural gas. Co.'s operations consist primarily of drilling unconventional horizontal development wells and operating its producing wells in the Eagle Ford Shale, in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. Co. operates in one segment, which is the exploration, development and production of crude oil, NGLs and natural gas. Co. sells its oil, NGL and natural gas products using short-term floating price physical and spot market contracts.
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October 19, 2021 3:46 AM Eastern