Last time Penn Virginia (PVAC) was reviewed, it was tied to a merger with Denbury Resources (DNR). Since that announcement, the stock of Denbury Resources headed south to the point that the merger was no deal for Penn Virginia shareholders. Therefore the recent news of the cancellation of the merger agreement was welcome news for shareholders.
Penn Virginia has an excellent location in the Eagle Ford. This should enable the company to do well independently. Originally pressure from debtors who became shareholders during the reorganization process pressured management to begin an auction process that would