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…
Continue reading

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…
Continue reading

“Sources” Say Penn Virginia Putting Itself Up for Sale

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). They exited bankruptcy last September. The company did what many have done: wipe out existing shareholders, making their shares worthless, and giving new shares of stock to debtholders. Now those debtholders want out and are, according to sources quoted by Reuters, forcing the company to put itself up for sale. Looks like old George was a day late and a dollar short. The company will sell itself after all…
Continue reading

List of 85 Bankrupt O&G Companies Since 2015; 4 in Marc/Utica

Haynes BooneIn November 2015 MDN brought you a list of 36 North America drillers that had, as of that time, declared bankruptcy (see List of 36 Oil & Gas Companies that Filed for Bankruptcy in 2015). In April, just three short months ago, the list stood at 59 bankruptcies (see List of 59 Oil & Gas Companies Filing for Bankruptcy in 2015/2016). The law firm compiling the list, Haynes and Boone, keeps updating the list. The most recent version was issued on June 30 and it shows the list growing to 85 declared bankruptcies, with more on the way. As of April we noted there was only one Marcellus/Utica driller on the list–Magnum Hunter Resources–which has since emerged from Chapter 11 and is once again up and running. However, in the latest list of 85 bankruptcies, we now must add three more companies with operations in the Marcellus/Utica…
Continue reading

Judge Approves Penn Virginia Bankruptcy Plan, $50M in New Stock

George Soros
George Soros

Although 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. 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 last month (see George Soros’ Penn Virginia Corp. Files for Bankruptcy). The judge overseeing the bankruptcy proceedings has just ruled that Penn Virginia is cleared to float $50 million of new stock. The question (for us) is: Who in their right mind would buy stock from a company going through bankruptcy? To further line the pockets of Soros? No thanks. The judge has also not ruled out the possibility the company can still sell itself. The new stock offering won’t interfere with a sale according to the judge…
Continue reading

George Soros’ Penn Virginia Corp. Files for Bankruptcy

George Soros
George Soros

Although 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. 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). We’re happy to report that didn’t work out so well for old George (who reminds us of a dried-out, shriveled up prune). Last week the company, which is now a penny stock trading on the Pink Sheets, filed for bankruptcy…
Continue reading

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…
Continue reading

Penn Virginia Sells E TX Assets for $75M – Avoiding Soros?

Although 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). The company got an offer from BP, but rejected it as too low, just last month (see BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too). Another major investor, Lone Star Value Management, told Penn Virginia to take BP’s money, but so far they haven’t (see Major Investor Tells Penn Virginia to Take BP’s Money and Run). Amidst all of this turmoil Penn Virginia announced yesterday they’ve sold some of their East Texas “assets”–acreage and operating wells–to an “undisclosed buyer” for $75 million…
Continue reading

Major Investor Tells Penn Virginia to Take BP’s Money and Run

Last week MDN told you that vile big money investor George Soros has finally forced Penn Virginia Corp.–a driller for which he owns 9.1% of the shares, likely the biggest single outside investor–to consider offers to sell itself. BP has made such an offer (see BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too). Rumor has it that Penn Virginia rejected BP’s offer as too low and is holding out for more. That doesn’t sit well with another shark, er a, big money investor in the company, Lone Star Value Management, which owns 2 million shares of Penn Virginia (2.8%). In a press release, Lone Star essentially asks Penn Virginia if they’re nuts. Lone Star points out the BP offer, if it is what is rumored, is 80% above where the stock has been bumping along. Cha-ching! Lone Star is seeing big bucks swimming before their eyes and they’re hungry for it…
Continue reading

BP Makes Offer to Buy Penn Virginia, Other Majors Interested Too

George Soros smilingAlthough headquartered in Radnor, Pennsylvania (near Philadelphia), Penn Virginia Corporation is an oil and gas driller (i.e. “producer”, i.e., E&P company) 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 Democrat billionaire corporate raider George Soros, one of the most vile big money investors in the world who has repeatedly damaged not only corporations but entire country’s economies, had taken a 9.1% ownership position in Penn Virginia in order to force it to sell and was doing exactly that (see George Soros Finally Bullies Penn Virginia into Selling Itself). Since March all has been quiet, until yesterday when somebody leaked the rumor that oil and gas giant BP has made an offer to buy Penn Virginia, driving the stock price up over 20% at one point. However, another rumor says Penn Virginia rejected BP’s offer as too low and is holding out for more. In addition to BP, Exxon Mobil and Chevron are also said to be interested in buying Penn Virginia. All of this buyout talk is driving Penn Virginia’s stock price up, putting a big smile on George Soros’ face…
Continue reading

George Soros Finally Bullies Penn Virginia into Selling Itself

no bullyingBillionaire bully George Soros, the guy who bankrolls just about anything liberal and Democrat has, for years, played both sides of the fence when it comes to the issue of shale drilling (see George Soros Plays Both Sides of Fracking Issue, for Profit). We told you one year ago that Soros had taken a major position in exploration & production (E&P) Penn Virginia (see Penn Virginia the Latest Plaything for Billionaire George Soros). Penn Virginia has a small position in the Marcellus Shale, only 21,700 net acres with no drilled wells. We said the following last March: “Why did he invest? To instill good LibDem values like lifetime employment, free condoms, etc. in the capitalist heathens at the company? Nope. Soros invested $29.1 million in Penn Virginia, grabbing a 9.1% ownership, so he can force them to sell themselves.” What is the Wall Street Journal reporting now? Penn Virginia is shopping for a buyer because they’re being forced to by Soros. It took nearly a year, but Soros got his way in the end. Some people buy and flip houses or buy and flip cars for profit. Soros, playing with the lives of everyone employed at a company, buys and flips companies like Penn Virginia–just to make a buck…
Continue reading

4 Marcellus Companies Debut on Debtwire’s Distressed Watchlist

WatchlistDebtwire is an interesting service. They keep an eye on publicly traded companies to give subscribers to their service a heads-up on which companies are potentially carrying too much debt–companies that may, due to changing economic circumstances, have a hard time paying back that debt. Think of Debtwire as an early warning system to let you know BEFORE Moodys or Fitch Ratings downgrades a company’s credit rating. Later this month Debtwire will issue a new Distressed Watchlist with 176 companies on it. Some 55 new companies will be added to the list from the energy industry alone. With the addition of the 55 new companies, the Distressed Watchlist will have 70 (of 176) companies from the energy industry–making 40% of the list top heavy with energy companies. We have what we believe is an MDN exclusive–Debtwire has sent us the top 20 energy-related companies on the list. Of the top 20, four of them have operations in the Marcellus/Utica region…
Continue reading

Penn Virginia Floats $250M Private Stock Offering, Stick in Soros’ Eye

Penn Virginia Corporation is a very small bit player when it comes to drilling in the Marcellus Shale. According to NGI’s Shale Play Factbook, Penn Virginia still owns 38,000 acres of Marcellus leases. The last well they drilled in the Marcellus was, from everything we can tell, sometime in 2011 (see Penn Virginia Disappointed with Output from First Three Marcellus Shale Wells Drilled in PA). Three months ago Penn Virginia was in the cross hairs of billionaire corporate raider George Soros (see Penn Virginia the Latest Plaything for Billionaire George Soros). Soros wants the company to sell itself. It has not–and instead announced yesterday they’re floating $250 million of convertible preferred stock…
Continue reading

Penn Virginia the Latest Plaything for Billionaire George Soros

Penn Virginia is an interesting company. They are an independent E&P (exploration and production) company incorporated in Virginia in 1882–but their headquarters is in Radnor, PA (near Philly). They drill for oil, NGLs and natural gas mostly in…Texas and Oklahoma! They also have operations and acreage in the Mid-Continent, Mississippi and last (and sorta least)–the Marcellus Shale. According to NGI’s Shale Play Factbook, Penn Virginia has leased 38,000 in the Marcellus. According to the latest MDN Databook, Penn Virginia has received permits for two well sites in the past two years–precisely squat. We don’t think they’ve actually drilled a single well in the Marcellus.

Why are we going on about who Penn Virginia since (so far) they are a bit player in the Marcellus? Because yesterday liberal Democrat billionaire George Soros got his claws into the company. Why did he invest? To instill good LibDem values like lifetime employment, free condoms, etc. in the capitalist heathens at the company? Nope. Soros invested $29.1 million in Penn Virginia, grabbing a 9.1% ownership, so he can force them to sell themselves…
Continue reading

PVR Water Services – Now Pumping 3M Gal of Water/Day for Drilling

Aqua America is one of the largest U.S.-based, publicly-traded water utilities with almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. They also have a joint venture with Penn Virginia Resource Partners called PVR Water Services which provides water to Marcellus drillers in Pennsylvania. So far business is good.

A short section of Aqua America’s annual financial and operations report updates us on PVR Water Services:

Continue reading

Penn Virginia Sells Appalachian Drilling, Closes Office

Penn Virginia announced today it’s selling off all of its Appalachian drilling operations—except for its Marcellus Shale drilling operations—for $100 million. They are also closing their Canonsburg, PA regional office. Why the sale? They want to get out of debt and plow the proceeds into drilling in the Marcellus and in the oily parts of the Eagle Ford Shale play.

Reading between the lines it sounds like a move away from dry gas and toward wet gas areas.

Continue reading