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Penn Virginia and Denbury Resources have mutually agreed to terminate their pending merger agreement.
The companies signed the $1.7B deal in late October 2018.
Neither Penn Virginia nor Denbury will be responsible for any payments to the other party as a result of the termination of the merger agreement.
Penn Virginia CEO John Brooks commented: "After careful consideration, the Penn Virginia board of directors decided that it is in the best interests of the Company and our shareholders to mutually agree to terminate our merger agreement with Denbury. Given the caliber and dedication of our team, the high quality of our assets and the strength of our balance sheet, we believe we are well positioned to continue to execute our previously announced two rig development plan, which is expected to be fully funded from cash flow. We remain focused on developing our assets and maximizing value for our shareholders as a standalone company."
As a result, the special meeting of Penn Virginia's shareholders, which was to be held on April 17, 2019, will not take place.
In light of this recent development, the Company intends to provide an operational and guidance update no later than its first quarter 2019 earnings report in May.
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