Eagle Ford Producers Penn Virginia, Lonestar to Combine in $370 Million Deal

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.