PENN VIRGINIA CORPORATION (NASDAQ:PVAC) Files An 8-K Entry into a Material Definitive Agreement

PENN VIRGINIA CORPORATION (NASDAQ:PVAC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

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Credit Facility Amendment

On March 1, 2018, Penn Virginia Corporation (the “Company,” “we” or “us”) entered into the Master Assignment, Agreement and Amendment No.4 to Credit Agreement among Penn Virginia Holding Corp., a subsidiary of the Company, as borrower, the Company, as parent, the subsidiaries of the borrower party thereto, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (the “Amendment”). The Amendment amends the Credit Agreement dated as of September12, 2016 (as amended, supplemented or otherwise modified to date, the “Credit Agreement”) to increase the borrowing base under the Credit Agreement from $237.5million to $340.0million.

A copy of the Amendment is attached as Exhibit 10.1 to this Current Report on Form 8-K, is incorporated herein by reference and is hereby filed. The material terms of the Credit Agreement are described in the Current Report on Form 8-K previously filed with the Securities and Exchange Commission (the “SEC”) on September15, 2016. The description of the Amendment in this Current Report on Form 8-K is a summary and is qualified in its entirety by reference to the complete text of such agreement.

Item 1.01. Completion of Acquisition or Disposition of Assets.

On March1, 2018, Penn Virginia Oil& Gas, L.P. (“Buyer”), a wholly owned subsidiary of the Company, completed the previously announced acquisition from Hunt Oil Company (“Seller”) of its right, title and interest in and to certain oil and gas assets (the “Hunt Properties”), including oil and gas leases covering approximately 9,700 net acres located primarily in Gonzales and Lavaca Counties, Texas (the “Hunt Acquisition”). At the closing, Buyer paid to Seller approximately $84million. The Hunt Acquisition has an effective date of October1, 2017.

A copy of the purchase and sale agreement for the Hunt Acquisition (the “Purchase Agreement”) has been filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December31, 2017, which was filed with the SEC on March2, 2018. The foregoing description of the Hunt Acquisition as contemplated by the Purchase Agreement is a summary and is qualified in its entirety by reference to the complete text of the Purchase Agreement.

Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 regarding the Amendment is incorporated by reference into this Item 1.01.

Item 1.01 Financial Statements and Exhibits.

The statements of revenues and direct operating expenses for the Hunt Properties for the requisite periods, and pro forma financial information of the Company giving effect to the Hunt Acquisition will be included in an amendment to this Current Report on Form 8-K to be filed with the SEC within the period required by applicable SEC rules.

(d) Exhibits.

Exhibit

Number

Description

10.1 Master Assignment, Agreement and Amendment No.4 to Credit Agreement, dated as of March 1, 2018, among Penn Virginia Holding Corp., as borrower, Penn Virginia Corporation, as parent, the subsidiaries of the borrower party thereto, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent.


PENN VIRGINIA CORP Exhibit
EX-10.1 2 d519872dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution Version MASTER ASSIGNMENT,…
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