Denbury Resources (DNR) and Penn Virginia have mutually agreed to terminate their merger agreement rather than face the high chance that the agreement would not gain the votes need for approval at Penn Virginia's shareholder meeting next month. Neither company will be responsible for payments to the other company as a result of the mutual termination.
This appears to be a slight negative for Denbury, as the transaction would have immediately deleveraged it a bit and also given it a potential route to deleverage further via significant production growth if oil prices went