Penn Virginia’s CEO “Retires” – Before 3Q Earnings Report is Released

not a good signAlthough headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller with only a small presence in the Marcellus Shale: 21,700 net acres with no drilled wells. They concentrate on oil drilling the Texas Eagle Ford Shale play. MDN told you in March that Penn Virginia’s top stockholder, the vile corporate raider George Soros, forced them to put themselves up for sale so George can line his pockets with more cash (see George Soros Finally Bullies Penn Virginia into Selling Itself). Several companies expressed interest, including a serious offer from BP (see BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too). So far the company has resisted selling itself, contrary to the wishes of Lord Soros. However, some sort of news is on the way. Penn Virginia reports Baird Whitehead, President and CEO of the company, has suddenly retired–before they release their third quarter 2015 results. Not a good sign according to one analyst…

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