Penn Virginia Puts Itself Up for Sale – Again

Although headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller with (at last check) 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. Penn Virginia is one of the Philly area’s oldest companies, started in 1882 by Philadelphia coal barons. It later transitioned into an oil company. MDN told you in March 2015 that Penn Virginia’s top stockholder, the vile corporate raider George Soros, forced the company to put itself up for sale so George can line his pockets with more cash (see George Soros Finally Bullies Penn Virginia into Selling Itself). That didn’t work out so well for old George. Penn Virginia filed for bankruptcy in May 2016 (see George Soros’ Penn Virginia Corp. Files for Bankruptcy). Penn Virginia exited bankruptcy in September 2016. In June 2017, the rumor mill turned white hot with word that the company had put itself up for sale (see “Sources” Say Penn Virginia Putting Itself Up for Sale). Nothing ever came of it. Until now. In a press release issued yesterday by Penn Virginia, the company said the board is evaluating “strategic alternatives to enhance shareholder value.” What do those alternatives include? “…a corporate sale, merger or other business combination, one or more strategic acquisitions, or other transactions.” In other words, the company is officially listing itself for sale…