Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets

Penn Virginia Seals Eagle Ford Deal with Juniper; Credit Line Reaffirmed

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   |    Friday,January 15,2021

Penn Virginia Corp. has announced the closing of the $38.4MM Juniper transaction, expanding its Eagle Ford portfolio.

The company also reported the 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.

2021 Development Plan

Category	2020	2021 Est. Initial	Updated 2021 Guidance	%Difference (2020vs 2021)
Total Capital Expenditure($mm)

Rig Count
Wells Completed/Frac(gross)

Production Oil(bbls/d)

 Click here for More Planned 2021 Activity