— Appointment of Additional Members to the Board of Directors —
— Borrowing Base Reaffirmation —
HOUSTON, Jan. 15, 2021 (GLOBE NEWSWIRE) — Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ:PVAC) today announced the closing of the Juniper transaction, reaffirmation of its borrowing base, and the appointment of additional members to the Company's Board of Directors.
In conjunction with the closing of the transaction, the Board has increased from four members to nine members, and Edward Geiser will serve as the new Chairman.
Darrin Henke, Penn Virginia's President and Chief Executive Officer, commented, "We are pleased to welcome Eddie, Kevin, Josh, Tope, and Tim to our Board of Directors. They each have a wealth of experience within the energy industry and are valuable additions to the Board."
"It is an honor and a privilege to serve as Chairman," said Edward Geiser, Juniper's Managing Partner and Chairman of the Board of Penn Virginia. "I look forward to working with Darrin and his team as well as the other members of the Board. We believe the Company can produce attractive returns to shareholders by maintaining low leverage, generating consistent free cash flow and focusing on cash-based returns on every dollar invested."
The new directors are:
Edward Geiser – Managing Partner of Juniper Capital Advisors
Kevin Cumming – Partner of Juniper Capital Advisors
Tim Gray – General Counsel and Chief Compliance Officer of Juniper Capital Advisors
Joshua Schmidt – Managing Director of Juniper Capital Advisors
Temitope Ogunyomi – Director of Juniper Capital Advisors
Following the closing, Juniper owns approximately 59.6 percent of Penn Virginia's equity.
Revolving Credit Facility
Full story available on Benzinga.com