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Ranger Oil Corporation (NASDAQ: ROCC) announced a significant operational update and a name change effective October 18, 2021. In Q3 2021, the company averaged 20,429 barrels of oil per day, slightly above guidance, and realized an oil price of $68.10 per barrel. Capital expenditures totaled approximately $59 million, resulting in consistent free cash flow generation for eight consecutive quarters. The company expects to generate over $200 million in free cash flow in 2022, enhancing its leverage reduction strategy. A conference call to discuss Q3 results is set for November 4, 2021.
Penn Virginia Corporation (NASDAQ: PVAC) has completed the acquisition of Lonestar Resources US Inc. and will rebrand as Ranger Oil Corporation, effective October 18, 2021. The merger aims to enhance operational efficiency and generate free cash flow, with the combined asset position producing nearly 40,000 barrels of oil equivalent per day across 140,000 net acres in the Eagle Ford play. The company has been consistently generating free cash flow, with projections exceeding $200 million for 2022. Changes in the Board of Directors and restructuring of Lonestar's hedge portfolio were also announced.
Penn Virginia Corporation (NASDAQ: PVAC) announced its participation in the Barclays CEO Energy-Power Conference on September 10, 2021, at 9:45 am ET. The presentation will feature Darrin Henke, President and CEO, followed by management meetings. Presentation slides will be available on the Company's website at www.pennvirginia.com. Penn Virginia operates primarily in the Eagle Ford shale region of south Texas, focusing on the development and production of oil, NGLs, and natural gas.
Penn Virginia Corporation (NASDAQ: PVAC) announced an increase in its borrowing base to $600 million under its revolving credit facility following the upcoming merger with Lonestar Resources. The aggregate elected commitments stand at $400 million. The merger is anticipated to close in the second half of 2021, promising significant synergies and enhancements in Free Cash Flow and production capacity. CEO Darrin Henke expressed gratitude for the support from their lending group, highlighting the merger's potential to strengthen the company's asset base and financial position.
On August 16, 2021, Penn Virginia Corporation (NASDAQ: PVAC) announced its participation in EnerCom’s The Oil and Gas Conference in Denver. The company's management will engage in meetings focused on investment opportunities in the oil and gas sector during the conference on August 16-17, 2021. A link to the presentation slides will be made available on their official website, enhancing transparency for investors and stakeholders. Penn Virginia is primarily involved in the development and production of oil, NGLs, and natural gas in the Eagle Ford shale region of South Texas.
Penn Virginia Corporation (PVAC) announced its Q2 2021 results, exceeding oil sales guidance with an average of 20,117 bbl/d. Total sales volumes reached 24,844 boe/d, and the company reduced per well costs by 4% and operating expenses per boe by 19% from Q1 2021. The all-stock acquisition of Lonestar Resources is expected to create over $20 million in annual cost synergies and enhance free cash flow. The company generated $8 million net income and reduced net debt by $30 million to $334 million. Liquidity stood at $160.4 million as of June 30, 2021.
Penn Virginia Corporation (NASDAQ:PVAC) announced the pricing of $400 million of 9.250% senior unsecured notes due 2026, sold at 99.018% of par. The proceeds will be held in escrow pending conditions related to the Lonestar Merger, expected to close by November 26, 2021. Funds will be used to pay off Lonestar's long-term debt and Penn Virginia's second lien term loan. If merger conditions aren’t met, the escrowed funds will be redeemed at par plus interest. The offering targets institutional buyers and is not registered under the Securities Act.
Penn Virginia Corporation (NASDAQ: PVAC) plans to offer $400 million of senior unsecured notes due 2026. The offering's proceeds are intended for the upcoming merger with Lonestar Resources US Inc., expected by November 26, 2021. Funds will first be held in escrow and used to repay Lonestar's long-term debt and Penn Virginia's second lien term loan upon merger completion. If conditions aren't met by the deadline, funds will be used to redeem the notes. The notes are being offered under SEC regulations, without registration.
Penn Virginia Corporation (PVAC) reported strong performance for Q2 2021, exceeding oil sales guidance with an average of 20,117 barrels of oil per day. The company achieved total sales volumes of 24,844 barrels of oil equivalent per day. Capital expenditures were approximately $68.7 million, with a 4% reduction per well cost. It anticipates over $20 million in annual cost synergies from the Lonestar acquisition. Free cash flow increased, reducing net debt by $30 million to $334.2 million. The company maintains full-year capital expenditure guidance and estimates net income between $3 million and $12 million for Q2 2021.
Penn Virginia Corporation (NASDAQ: PVAC) has announced a definitive merger agreement to acquire Lonestar Resources US Inc. in an all-stock transaction valued at approximately $370 million. Lonestar shareholders will receive 0.51 shares of Penn Virginia for each Lonestar share. The merger is expected to close in the second half of 2021, pending shareholder and regulatory approvals. This transaction is projected to increase sales volumes and free cash flow by about 50%, adding 750 gross inventory locations and providing annual synergies of over $20 million, significantly enhancing market capitalization and equity float.
