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Wednesday, June 25, 2014

Soros threatens action if Penn Virginia fails to sell itself, (NYSE: PVA)

Penn Virginia Corp's biggest shareholder George Soros reiterated that the oil and gas producer should sell itself and said he would take action if the company failed to do so. Soros, who took a 9.18 percent stake in the company in March, had said the company should explore strategic options and that he would continue to have talks with the board, shareholders and potential suitors.

Penn Virginia Corporation (Penn Virginia) is an independent oil and gas company engaged primarily in the exploration, development and production of oil, natural gas liquids (NGL) and natural gas in various domestic onshore regions of the United States, including Texas, the Mid-Continent and Mississippi. Shares of PVA traded higher by 8.19% or $1.21/share to $15.98. In the past year, the shares have traded as low as $4.50 and as high as $18.20. On average, 3166650 shares of PVA exchange hands on a given day and today's volume is recorded at 4326519.