Penn Virginia Corp. agreed to acquire Lonestar Resources US Inc. in an all-stock transaction valued at about $370 million, which Penn Virginia President and CEO David Henke said will expand the company’s Eagle Ford footprint.

“This transaction further solidifies the company’s position as a premier Eagle Ford operator and provides additional scale and synergies while still delivering operational excellence,” commented Henke in a company release on July 12.

“The benefits of basin consolidation are very compelling, and we strongly believe this is a value-creating opportunity for both companies,” Henke also said in his statement.

Already have an account? Log In

Thanks for reading Hart Energy.

Sign Up now to get unmatched coverage of the oil and gas industry’s entire landscape.

Free Access