Denbury Resources reported it would acquire and merge with Penn Virginia in a $1.7-billion deal that Denbury says would offer the combine short-cycle investment optionality and future enhanced oil recovery potential in the oil window of the Eagle Ford shale. The combine would hold an industry-leading oil weighting with 94% liquids production and 90% oil production; 343 million boe of proved oil, NGLs, and natural gas reserves as of Dec. 31, 2017; second-quarter production of 84,000 boe/d; and an estimated $6 billion enterprise value as of Oct. 26.

Source: News