Penn Virginia Hires New Board Member to Help Sell the Company

Penn Virginia issued what may appear to most to be a low-key, innocuous press release yesterday, announcing the company has added a new board member. Penn Virginia said that V. Frank Pottow has joined the Board of Directors as a new independent member, effective September 10, 2018. Pottow is the co-founder of GCP Capital and has been a managing director and member of the investment committee of Greenhill Capital Partners since July 2002. Why is that significant? Because Penn Virginia, as of July, is trying to sell itself (see Penn Virginia Puts Itself Up for Sale – Again). They’ve just hired a venture capitalist with 25 years of experience to (we’re guessing) find a buyer for the company. Penn Virginia is an oil and gas driller headquartered in Radnor, PA (near Philadelphia). Although it’s based in the Keystone State, Penn Virginia has only a small presence in the Marcellus Shale–21,700 net acres with no drilled wells (at last check). 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. Here’s yesterday’s announcement about their newest board member, come to help sell the company…

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