Daily News: March 8, 2018

Wells Fargo Upsizes Penn Virginia Facility to $340MM

Penn Virginia entered into an agreement to amend its September 12, 2016 credit facility. Wells Fargo served as administrative agent for the transaction.

According to the related 8-K filing, the amendment increased the size of the credit agreement’s borrowing base from $237.5 million to $340 million.

Concurrently with the amendment, the company’s subsidiary, Penn Virginia Oil & Gas, completed its acquisition of Hunt Oil Company for a price of approximately $84 million.

Penn Virginia is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in South Texas.