Penn Virginia to acquire Lonestar Resources for $370m.

Penn Virginia, a pure-play independent oil and gas company, agreed to acquire Lonestar Resources, an independent oil and natural gas company based in Fort Worth, Texas, for $370m. "This is an exciting time for Penn Virginia as we expand our Eagle Ford footprint with the high-quality assets of Lonestar. This transaction further solidifies the Company’s position as a premier Eagle Ford operator and provides additional scale and synergies while still delivering operational excellence. Consistent with our disciplined strategy, this transaction is expected to be accretive to free cash flow and certain other key per share metrics to deliver long-term value to shareholders. The benefits of basin consolidation are very compelling, and we strongly believe this is a value-creating opportunity for both companies. We remain steadfast in our disciplined approach to running the business and continue to be committed to free cash flow generation, capital discipline, maximizing cash-on-cash returns, and protecting the environment," Darrin Henke, Penn Virginia President and CEO.