Denbury Resources to Acquire Penn Virginia for $1.7 Billion
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Eagle Ford Shale oil and gas driller Penn Virginia Corp. is being bought by Plano-based Denbury Resources Inc. for $1.7 billion, including debt.
The Houston oil and gas driller Penn Virginia Corp. was bought Sunday in a stock and cash deal worth $1.7 billion, including debt.
Denbury Resources of Plano will acquire Penn Virginia and its 84,000 acres in the Eagle Ford Shale in a deal expected to close in the first quarter of 2019, pending shareholder approval.
Denbury operates in multiple states across the Gulf Coast and Rocky Mountain regions. The company specializes in enhanced oil recovery techniques, which pump carbon dioxide into wells to boost their production.
Penn Virginia’s CEO John Brooks said in July that the company was seeking “a range of strategic alternatives,” including a possible sale.
Penn Virginia filed for bankruptcy in May 2016, about three months after crude price hit their low of about $26 a barrel during the recent oil bust.
During its bankruptcy, Penn Virginia moved its headquarters from Virginia to Houston. The company employed about 80 people at the beginning of this year.
The company emerged from bankruptcy in September 2016, though it said in its second-quarter 2018 filing with the Securities and Exchange Commission that as of Aug. 3, there were still claims against the company related to the bankruptcy.
Source: Chron.com
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To stop by Penn Virginia’s website, CLICK HERE
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