Add-on Acquisition • Oil/Gas Exploration

Penn Virginia Acquires Lonestar Resources

On July 12, 2021, Penn Virginia acquired oil/gas exploration company Lonestar Resources

Acquisition Context

This is Penn Virginia’s 2nd transaction in the Oil/Gas Exploration sector.
This is Penn Virginia’s 2nd transaction in the United States.
This is Penn Virginia’s 1st transaction in Texas.

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M&A Deal Summary
Date	July 12, 2021
Target	Lonestar Resources
Sector	Oil/Gas Exploration
Buyer(s)	Penn Virginia
Deal Type	Add-on Acquisition
Advisor(s)	Barclays Investment Bank (Financial) Vinson & Elkins (Legal)

Target Company

Lonestar Resources

Fort Worth, Texas, United States

Lonestar Resources is an independent oil and natural gas company focused on the development, production, and acquisition of unconventional oil, NGLs, and natural gas properties in the Eagle Ford Shale in Texas. Lonestar Resources was based in 2015 and is based in Fort Worth, Texas

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Buyer Overview 1

Buyer

Penn Virginia

Radnor, Pennsylvania, United States

Category	Company
Founded	1882
Sector	Oil/Gas Exploration
Employees	164
Revenue	160M USD (2017)

DESCRIPTION

Penn Virginia Corp. is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, operating in the Eagle Ford shale in south Texas.

Deal Context for Buyer	#
Overall	2 of 2
Sector: Oil/Gas Exploration	2 of 2
Type: Add-on Acquisition	1 of 1
State: Texas	1 of 1
Country: United States	2 of 2
Year: 2021	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2018-01-02	Hunt Oil Co. - Eagle Ford Shale Assets Gonzales, Louisiana, United States Hunt Oil Co., Inc. - Eagle Ford Shale Assets is a provider of oil and gas exploration services in Gonzales and Lavaca Counties.	Buy	$86M

DATE

TARGET

DEAL TYPE

VALUE

2018-01-02

Hunt Oil Co. - Eagle Ford Shale Assets

Gonzales, Louisiana, United States

Hunt Oil Co., Inc. - Eagle Ford Shale Assets is a provider of oil and gas exploration services in Gonzales and Lavaca Counties.

Buy

$86M

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