Penn Virginia Corporation (ticker: PVAC) announced the retirement of Harry Quarls as Executive Chairman and as a director of the company, effective February 28, 2018.

The company expanded the board of directors from five to seven members with the appointments of David Geenberg and Michael Hanna as new independent board members, effective immediately.

Quarls said that since PVAC’s emergence from bankruptcy in September 2016, “we have rebuilt the capabilities of the company to be a top performer in the Eagle Ford; managed a strategic alternatives process; and completed two accretive, strategic acquisitions in our core area which have increased production and operated inventory by over 50%.  …  With these accomplishments, now is a good time to step away and dedicate my time elsewhere.”

Darin G. Holderness and Geenberg will serve as the non-executive co-chairman of Penn Virginia’s board of directors.

The company plans to conduct a search for a new director and chairman who is not a shareholder representative and who has oil and gas industry expertise.  Quarls has also agreed to provide consulting services for the company through the end of 2018.

Geenberg is co-head of US Investment Team  of Strategic Value Partners, LLC (“SVP”), which together with its affiliates manage certain investment funds and accounts that hold approximately 10.2% of PVAC’s  outstanding common stock, respectively.

Hanna is a Partner and Portfolio Manager of KLS Diversified Asset Management (“KLS”), which beneficially owns approximately 7.7% of the PVAC’s outstanding common stock.

Penn Virginia also announced today its adoption of amended and restated bylaws to require the approval of at least two-thirds of the directors then on its board of directors for certain significant transactions, including a sale of substantially all assets of the company, an increase in the authorized capital of the company or the issuance of preferred stock.

 


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