May 24, 2016 7:58 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. On May 12, 2016, Penn Virginia Oil & Gas, L.P. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Virginia. It is in joint administration with Penn Virginia Corporation.

840 Gessner

Suite 800

Houston, TX 77024

United States

Founded in 2004





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

Interim DIP Financing Approved for Penn Virginia Corporation

The US Bankruptcy Court gave an order to Penn Virginia Corporation to obtain DIP financing on an interim basis on May 13, 2016. As per the order, the debtor has been authorized to obtain a loan facility in the amount of $10 million out of a total commitment of $25 million from Wells Fargo Bank, National Association, Royal bank of Canada, Bank of America, N.A, The Bank of Nova Scotia, Credit Suisse AG, Cayman Islands Branch, Branch Banking and Trust Company, Barclays Bank PLC, Comerica Bank, Société Générale, Capital One, National Association, Suntrust Bank and Santander Bank, N.A. with Wells Fargo Bank, National Association acting as the administrative agent. Under the terms of the DIP agreement, Wells Fargo Bank, National Association and Royal bank of Canada shall contribute 14.75% each, Bank of America, N.A and The Bank of Nova Scotia shall contribute 10.25% each, Credit Suisse AG, Cayman Islands Branch shall contribute 8.75%, Branch Banking and Trust Company, Barclays Bank PLC, Comerica Bank, Société Générale and Capital One, National Association shall contribute 6.25% each and Suntrust Bank and Santander Bank, N.A shall contribute 5% each towards the total DIP facility amount. The DIP loan would either carry an interest rate of LIBOR plus 6% p.a., or an alternate base rate plus 5% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.50% p.a, closing fee of 0.50% p.a and DIP agent fee of $0.13 million. The DIP facility would either mature on 150 days after the petition date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $1.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final DIP hearing is scheduled for June 6, 2016. The DIP proceeds shall be used to pay certain costs, fees and expenses related to the cases, including professional fees, to fund the working capital needs, capital improvements and expenditures of the credit parties. Stephanie Song and Stephanie Song of Bracewell LLP represented the DIP agent as legal advisor.

Reorganization Plan and Disclosure Statement Filed by Penn Virginia Corporation

Penn Virginia Corporation, filed a plan with related disclosure statement in the US Bankruptcy Court on May 12, 2016. As per the plan filed, Administrative Claims, DIP Claims of $25 million, Professional Claims, Priority Tax Claims, Statutory Fees, Secured Tax Claims, Other Priority Claims and RBL Claims of $112.55 million will be paid in cash in full. Other Secured Claims shall receive payment in full in cash or collateral securing the claim or any other treatment. 2019 Senior Unsecured Notes of $332 million and

Penn Virginia Oil & Gas, L.P. and Republic Midstream, LLC Enters into an Amended and Restated Construction and Field Gathering Agreement Replacing the Original Gathering Agreement

As previously reported, on July 30, 2014, Penn Virginia Corporation, through its indirect wholly owned subsidiary, Penn Virginia Oil & Gas, L.P. (PVOG), entered into a Construction and Field Gathering Agreement with Republic Midstream, LLC (Republic). Pursuant to the Original Gathering Agreement, Republic agreed to construct, own and operate a crude oil gathering system in portions of Fayette, Gonzales and Lavaca Counties, Texas. PVOG agreed to dedicate to the Gathering System, and Republic agreed to receive and gather, all of PVOG’s crude oil production in the Area. PVOG’s crude oil would be delivered to a central delivery point in Lavaca County, Texas (the CDP) to be constructed, owned and operated by Republic. Republic would provide storage, batching and blending services to PVOG at the CDP. On September 24, 2015, PVOG and Republic entered into an Amended and Restated Construction and Field Gathering Agreement replacing the Original Gathering Agreement. The Amended Gathering Agreement: reduces the number of wells that are initially required to be connected to the Gathering System, decreases the top gathering fee from $2.00 to $1.75 per barrel and requires Republic to truck volumes from wells not connected to the Gathering System that were originally required to be connected to the Gathering System.

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Recent Private Companies Transactions

July 15, 2015
Penn Virginia Oil & Gas, L.P., Oil and Gas Assets located in East Texas and North Louisiana

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