HOUSTON, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NASDAQ:PVAC) today announced the closing of the Juniper transaction, reaffirmation of its borrowing base, and the appointment of additional members to the Company's Board of Directors.
In conjunction with the closing of the transaction, the Board has increased from four members to nine members, and Edward Geiser will serve as the new Chairman.
Darrin Henke, Penn Virginia's President and Chief Executive Officer, commented, "We are pleased to welcome Eddie, Kevin, Josh, Tope, and Tim to our Board of Directors. They each have a wealth of experience within the energy industry and are valuable additions to the Board."
"It is an honor and a privilege to serve as Chairman," said Edward Geiser, Juniper's Managing Partner and Chairman of the Board of Penn Virginia. "I look forward to working with Darrin and his team as well as the other members of the Board. We believe the Company can produce attractive returns to shareholders by maintaining low leverage, generating consistent free cash flow and focusing on cash-based returns on every dollar invested."
The new directors are:
Edward Geiser - Managing Partner of Juniper Capital Advisors
Kevin Cumming - Partner of Juniper Capital Advisors
Tim Gray - General Counsel and Chief Compliance Officer of Juniper Capital Advisors
Joshua Schmidt - Managing Director of Juniper Capital Advisors
Temitope Ogunyomi - Director of Juniper Capital Advisors
Following the closing, Juniper owns approximately 59.6 percent of Penn Virginia's equity.
Revolving Credit Facility
Penn Virginia's lending group has reaffirmed the Company's borrowing base under its revolving credit facility at $375 million, and the Company must continue to maintain at least $25 million of available capacity under its revolving credit facility. Additionally, Penn Virginia will not be required to undergo a borrowing base redetermination in Spring 2021 if the Company meets certain minimum hedging thresholds by the end of the first quarter.
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.
