September 30, 2016 6:39 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Penn Virginia Oil & Gas, L.P.

Company Overview

Penn Virginia Oil & Gas, L.P. engages in production and distribution of crude oil and natural gas. The company was incorporated in 2004 and is based in Houston, Texas. Penn Virginia Oil & Gas, L.P. operates as a subsidiary of Penn Virginia Corporation.

840 Gessner

Suite 800

Houston, TX 77024

United States

Founded in 2004

Phone:

713-722-6500

Fax:

713-722-6600

Key Executives for Penn Virginia Oil & Gas, L.P.

Penn Virginia Oil & Gas, L.P. does not have any Key Executives recorded.

Penn Virginia Oil & Gas, L.P. Key Developments

Second Amended Reorganization Plan Approved for Penn Virginia Corporation

The US Bankruptcy Court approved the second amended plan of reorganization of Penn Virginia Corporation on August 11, 2016. The debtor had filed its second amended plan in the Court on August 3, 2016. As per the approved plan, administrative claims, DIP claims, professional claims, statutory fees and priority tax claims shall be paid full in cash. Secured tax claims, other secured claims and other priority claims shall be paid full in cash. RBL claims of $113.65 million shall be paid full in cash on the effective date. Note claims of $1.08 billion shall receive its pro-rata share of new common stock equity pool and subscription rights to purchase pro-rata share of the Rights offerings shares if claim is an accredited investor. It shall receive pro rata share of the new common stock equity pool if it is a certified non-accredited noteholder. General unsecured claims shall receive its pro rata share of the new common stock equity pool and subscription rights to rights offerings shares. Convenience claims shall be paid cash amount of up to $0.75 million. Intercompany Claim and Intercompany Interest will be reinstated. All Interests in Penn Virginia will be cancelled and the holders of Interests in Penn Virginia shall not receive any distribution. The plan will be funded through cash on hand, issuance of common stock, new capital provided pursuant to the Exit Facility, new capital provided pursuant to the Rights Offering and the remaining proceeds of the DIP Facility. Penn Virginia Corporation filed a corrected order for the approval of its second amended plan of reorganization on August 18, 2016. As per the corrected order, there are no material changes in the treatment of any claim class.

Second Amended Reorganization Plan Filed by Penn Virginia Corporation

Penn Virginia Corporation, along with its affiliates, filed a second amended joint plan of reorganization in the US Bankruptcy Court on August 3, 2016. As per the amended plan filed, the debtor reported RBL Claims of $113.65 million. There shall be no changes in the treatment of any other claim class.

First Amended Reorganization Plan and Disclosure Statement Filed by Penn Virginia Corporation

Penn Virginia Corporation, along with its affiliates, filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on June 24, 2016. As per the amended plan filed, there are no other priority, secured tax and other secured claims. Administrative claims of $15.8 million shall be paid in full in cash. Note claims of $1.12 billion shall receive its pro rata share of the new common stock and subscription rights to rights offerings shares if claim is an accredited investor. It shall receive pro rata share of the new common stock equity pool if it is a certified non-accredited noteholder. General unsecured claims of $132.7 million shall receive its pro rata share of the new common stock equity pool and subscription rights to rights offerings shares. Convenience claims of $9.5 million shall receive payment in cash in an amount equal to $0.061 on account of each dollar of its allowed claim. No other changes were made in the treatment of remaining classes.

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