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

The acquisition of Lonestar Resources further solidifies Penn Virginia’s position as a “premier Eagle Ford operator,” says President and CEO David Henke.

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

Penn Virginia expects annual synergies of over $20 million as the result of its acquisition of Lonestar Resources. (Source: Penn Virginia Corp.)

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.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.