Acquisition by Denbury Resources of Penn Virginia Corporation

Acquisition by Denbury Resources of Penn Virginia Corporation, an independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, in a transaction valued at approximately $1.7bn, including the assumption of debt. Chris Kendall, Denbury’s President and CEO, commented, “This transaction marks a defining moment for Denbury, meeting multiple strategic objectives to create a balanced, resilient, and growing business with significant scale, while reinforcing our position as the highest oil-weighted producer in our peer group. Penn Virginia’s Eagle Ford assets will add many years of high value, low breakeven development to our portfolio, complementing Denbury’s long-lived, high-margin assets.