Penn Virginia CorporationOTCPK - Current
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  • Jun. 29, 2015, 11:12 AM
    • Penn Virginia (PVA -7.9%) has lost the entire bounce it gained from last week's chatter about a BP takeover offer, and WSJ reports no such offer or rejection occurred between the two.
    • Instead, it appears the report gained traction thanks to still-online documentation of a takeover tussle from exactly 13 years earlier involving PVA and another suitor with a name similar to BP’s.
    • Nevertheless, SunTrust maintains its Buy rating and $10 price target, still seeing PVA as an interesting acquisition candidate since the oil and gas explorer is among the "largest attractive acreage positions versus the corresponding enterprise value."
    • SunTrust calls PVA "an embattled Eagle Ford player with what we deem as a valuable contiguous acreage/asset position... though high leverage and relatively tight liquidity limit near-term activity/cash flow/catalysts."
    | Jun. 29, 2015, 11:12 AM | 5 Comments
  • Jun. 26, 2015, 2:21 PM
    • Penn Virginia (PVA +0.8%) shareholder Lone Star Value Management issues a letter calling on the company to immediately consider strategic alternatives to explore "all credible proposals."
    • Lone Star's statement comes a day after a report that BP had offered to buy PVA for $8/share.
    • "If it is true that [PVA] could be sold for an 80% premium or more to a credible buyer, the board has a fiduciary duty to fully explore such an offer," says the statement from Lone Star, which owns a 2.8% stake in PVA.
    | Jun. 26, 2015, 2:21 PM | 4 Comments
  • Jun. 25, 2015, 12:17 PM
    • Penn Virginia (PVA +7.8%) spikes higher after a report that BP (BP +0.3%) has offered $8/share in a takeover bid for the company, and that PVA has hired BofA to help it search for potential buyers.
    • PVA is said to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10/share, according to U.K. publication Proactive Investors.
    • BP rivals such as Exxon Mobil (XOM -0.1%) and Chevron (CVX -0.1%) also may be interested in buying PVA, the report says.
    | Jun. 25, 2015, 12:17 PM | 15 Comments
  • Jul. 10, 2014, 4:34 PM
    • Penn Virginia (PVA) agrees to acquire Eagle Ford acreage for $45M from an unnamed seller.
    • The acquired acreage is adjacent to PVA's Shiner area, and is estimated to contain ~150 gross potential drilling locations, most of which should be prospective in the Upper Eagle Ford Shale.
    • PVA says the deal will bring its total Eagle Ford acreage position to ~142.5K acres.
    | Jul. 10, 2014, 4:34 PM
  • Jan. 22, 2014, 4:40 PM
    • American Midstream Partners (AMID) agrees to acquire a ~120-mile natural gas gathering and redelivery system in the Eagle Ford shale from a subsidiary of Penn Virginia (PVA) for ~$100M.
    • Upon closing the acquisition, AMID also will enter into a long-term, fee-based gathering agreement where PVA will dedicate for 25 years all current and future natural gas production from the areas served by the system.
    • To help pay for the deal, AMID announces a public offering of 3.4M of its common units.
    | Jan. 22, 2014, 4:40 PM
  • Nov. 20, 2013, 5:30 PM
    • Analysts say the $6B deal for GeoSouthern will give Devon Energy (DVN) a better balance between oil and natural gas.
    • Canaccord says oil currently accounts for 12% of DVN's total volume, and the deal likely significantly increases DVN's oil production, as GeoSouthern is the fourth largest oil producer in the Eagle Ford.
    • "The deal makes them more of an oil company and grows their production," says a Hodges Capital analyst. "A lot of people still have the idea that they are too much of a gas company and this deal will change that right away."
    • The investor reaction to the deal was tempered by the high price paid, which Richard Zeits says sets a new record in the Eagle Ford play in terms of price paid per net undeveloped acre in a major transaction; the major beneficiary today was Penn Virginia (PVA), whose shares surged 4% thanks to its strong presence in the area.
    | Nov. 20, 2013, 5:30 PM | 2 Comments
  • Apr. 3, 2013, 7:20 AM

    Penn Virginia (PVA) says it will buy all of Magnum Hunter Resources' (MHR) Eagle Ford Shale properties for $401M in a deal slated to close by mid-May. The purchase will add the equivalent of over 3.2M barrels of oil production a day for the company.

    | Apr. 3, 2013, 7:20 AM | 6 Comments