HOUSTON, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NASDAQ:PVAC) and certain affiliates of Juniper Capital Advisors, L.P. today announced the shareholders of Penn Virginia voted in favor of all proposals associated with Juniper's strategic investment in Penn Virginia. The transaction is expected to close on January 15, 2021.
At the special meeting of Penn Virginia shareholders held today, more than 77 percent of the votes cast were in favor of the transaction.
"We are pleased with the strong support we received from our shareholders," said Darrin Henke, Penn Virginia's President and Chief Executive Officer. "These strategic transactions will significantly strengthen our balance sheet, add complementary assets, and position us well for the future. Looking ahead, we will continue to focus on value creation for our shareholders through consistent free cash flow generation while highlighting our strong asset base and maintaining low leverage."
Edward Geiser, Juniper’s Managing Partner and the Company’s incoming Chairman of the Board added, “We are extremely excited to be partnering with the Penn Virginia management team in what we think is a unique opportunity. We believe the Company’s solid production base, industry-leading per barrel margins and multi-year inventory provide an attractive opportunity for shareholders, and we are proud to be part of that group.”
About Penn Virginia
Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com. The information on the Company's website is not part of this release.
About Juniper Capital Advisors
Juniper Capital Advisors, L.P. is an energy investment firm based in Houston, Texas, with over $1.2 billion of cumulative equity commitments. Juniper is focused on working with high quality management teams to provide transformational equity capital to demonstrate the value and productive potential of oil and gas properties located primarily in the continental United States.
