Penn Virginia engages Jefferies as exclusive financial advisor

Company seeks Eagle Ford-related transactions

Penn Virginia Corp. (NYSE:PVA) has engaged Jefferies LLC to provide financial advice generally and to act as its exclusive financial advisor in connection with asset-level financing transactions with investors related to the company's Eagle Ford assets. Jefferies will also help the company evaluate strategic alternatives with respect to its Eagle Ford assets and their development and will provide the company with other financial advice and financial planning assistance.

As of October 2014, PVA had approximately 145,500 gross (approximately 104,300 net) acres in the volatile oil window of the Eagle Ford Shale play in Gonzales and Lavaca Counties, Texas. The company entered the Eagle Ford in August 2010.

The move comes as the Radnor, PA-based company tries to increase liquidity as oil markets remain depressed.

In July, the company agreed to sell its East Texas assets to an undisclosed buyer for gross cash proceeds of $75 million. Following that announcement, Robert Du Boff, an analyst at Oppenheimer, commented on remaining constraints for the company. “Despite the East Texas proceeds, we believe the company still has too much leverage to efficiently capitalize on a good Eagle Ford acreage position,” he said.

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