Penn Virginia Announces Resignation of Director

Rhea-AI Summary

Penn Virginia Corporation (NASDAQ: PVAC) announced the resignation of Brian Steck from its Board of Directors effective June 26, 2020, following a reduction of Mangrove Partners' holdings. This decision was not due to any disagreements. Darin Holderness, Chairman of the Board, praised Steck's contributions over the past year. Penn Virginia operates as an independent oil and gas company, focusing on the development and production of oil, natural gas liquids, and natural gas in the Eagle Ford shale of south Texas.

Positive

• Darin Holderness acknowledged Brian Steck's valuable contributions over the past year, indicating effective leadership.

Negative

• Steck's resignation could raise concerns about continuity and experience on the Board.

HOUSTON, June 26, 2020 (GLOBE NEWSWIRE) -- Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ:PVAC) today announced the resignation of Brian Steck from Penn Virginia's Board of Directors effective June 26, 2020, following a reduction of Mangrove Partners' holdings in the Company. Mr. Steck's resignation was not the result of any disagreements with the Company.

Darin Holderness, Chairman of the Penn Virginia Board, commented, "Brian has been an invaluable resource to the Company over the past year. On behalf of the entire Board, I would like to thank Brian for his contributions and service and wish him continued success in the future."

About Penn Virginia Corporation

Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, natural gas liquids, or NGLs, and natural gas, with operations in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com. The information on the Company's website is not part of this release.

Forward-Looking Statements

Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Additional information concerning these and other factors can be found in the Company's press releases and filings with the SEC. Many of the factors that will determine the Company's future results are beyond the ability of management or the Board to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this release speak only as of the date of this release. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Contact
Clay Jeansonne
Investor Relations
Ph: (713) 722-6540
E-Mail: invest@pennvirginia.com

FAQ

What led to Brian Steck's resignation from Penn Virginia's Board?

Brian Steck resigned due to a reduction in Mangrove Partners' holdings, and his departure was not the result of any disagreements with the Company.

What impact might Brian Steck's resignation have on Penn Virginia?

The resignation of Brian Steck may raise concerns regarding continuity and experience within the Board, which could affect strategic decision-making.

Who commented on Brian Steck's resignation?

Darin Holderness, the Chairman of the Penn Virginia Board, commented on Steck's resignation, thanking him for his service.

When did Brian Steck resign from Penn Virginia's Board of Directors?

Brian Steck resigned from the Board effective June 26, 2020.