LONE - Penn Virginia closes Lonestar merger to rebrand as Ranger Oil

Penn Virginia (PVAC -1%) says it closed the acquisition of Lonestar Resources (OTCQX:LONE) and plans to rename the combined company Ranger Oil. Effective October 18, the company will begin trading under the Nasdaq ticker symbol ROCC. Ranger Oil says it anticipates maintaining a two-rig program going forward, with plans for $65M-$75M in capital spending planned for Q4. The company says a two-rig program in 2022 can achieve results approximating a 2.5 rig development scenario but with more efficient capital deployment, which should "materially accelerate" free cash flow generation in 2022 at current strip pricing. The acquisition, valued at ~$370M comprised of 5.9M common shares and $236M of net debt, was announced in July.

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Penn Virginia closes Lonestar merger, to rebrand as Ranger Oil